Articles by Jason Spits

SMSF, Tax

Div 296 bill separated into two parts

The Division 296 tax bill has been split into two parts, with the schedules related to the impost separated from those unrelated to the proposed additional charge on superannuation earnings.

read more
BDBNs, Death benefits, Documentation

In-specie benefits not a clean split

Death benefits that are paid out using in-specie assets need to be calculated carefully as they can strip money away from other beneficiaries.

read more
ASIC, financial advice, Financial Planning

ASIC examining telemarketer-sourced clients

ASIC has raised concerns about the poor practices of advisers sourcing clients from telemarketers for the purpose of encouraging them to roll over their super to invest in risky asset classes.

read more
financial advice, Financial Planning

AMP completes advice exit

AMP has stepped away from the provision of financial advice, announcing the completion of the sale of its licensees to two separate entities, a move that comes at a significant loss.

read more
SMSFA, Tax

Div 296 now a ‘zombie measure’

The Division 296 tax bill is unlikely to progress any further through the Senate, but the government has yet to admit it is permanently stalled, the SMSF Association has told members.

read more
ASIC, Property, SMSF

Court disqualifies, fines property developer

A property developer who promoted the use of SMSFs to invest in unlicensed investment schemes has received a record court-ordered fine.

read more
Pensions

Legacy pension exits hinge on Div 296 progress

A plan to allow legacy pension exits may be derailed if the Division 296 tax does not become a reality as the former is designed to ease the application of the latter.

read more
NALI/NALE

Revised NALE LCR released for comment

A revised version of LCR 2021/2 incorporating the NALE rules that become law at the start of the financial year has been released for comment.

read more
Pensions

Discretion timing may worsen breaches

SMSF members seeking ATO discretion regarding failures to pay minimums may find response times get in the way of taking immediate action to address the problem.

read more
SMSF, Tax

Div 296 window closing

The government is running out of time to pass the Division 296 tax bill this year as other items on its legislative agenda fill in the few remaining sitting days.

read more

Copyright © SMS Magazine 2024

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.