Articles by Jason Spits

Division 296, SuperStream, Tax

SMSFs will have to de-risk under new tax

The Division 296 tax is likely to drive SMSFs away from small company investments, reducing the pool of capital available to them.

read more
Contributions, Death benefits, Superannuation, Tax

Benefits tax a factor in recontributions

Giving thought to the tax impact of death benefits paid to adult children may be a trigger to engage in a recontribution strategy.

read more
Death benefits, Division 296, Superannuation, Tax

Div 296 sparking death benefit discussions

self managed super, self managed superannuation, SMSF, death benefit tax, Division 296, Heffron, Meg Heffron, assets outside superannuation, tax

The Division 296 impost has prompted SMSF members looking at retaining assets in super to consider the tax impact of their death on their beneficiaries.

read more
Contributions, Superannuation, Tax

Deduction claims based on fund receipt

self managed super, self managed superannuation, SMSF, superannuation, contribution, tax deductible, Institute of Financial Professional Australia, Natasha Panagis, ATO, private binding ruling, personal deductible contribution, notice of intent

Tax deductions for a super contribution are based on when a fund receives the money, with the ATO confirming late arrivals will not be considered.

read more
Auditing, LRBA

Auditors must still check LRBA offsets

ADI, ASF Audits, ATO, Auditors, Authorised Deposit-taking Institution, limited recourse borrowing arrangement, LRBA, management letter, non-ADI, offset accounts, self-managed super, Self-managed superannuation fund, Shelley Banton, SMSF

Recent ATO comments on LRBAs with offset accounts have changed little for auditors, who must check them as part of their reports.

read more
Auditing, Valuations

Zero valuations unacceptable

ATO, Auditor contravention report, Bryce Figot, DBA lawyers, Division 296, negative net assets, self-managed super, Self-managed superannuation fund, SMSF, The Auditors Institute, unlisted shares, zero valuations

SMSFs that value assets at zero are unlikely to find that view accepted by the ATO and should seek better evidence as to their actual worth.

read more
LRBA

Safe harbour changes require action

SMSF, self managed superannuation fund, self managed super, related-party, limited recourse borrowing arrangement, LRBA, documentation, safe harbour rates, Accurium, Mark Ellem, NALI, ITAA 1997, ATO, PCG 2016/5, loan, interest rate, repayment

A change in the safe harbour rate for related-party LRBAs will require prompt action after the start of the new financial year.

read more
Pensions

Pre-emptive pension restart questionable

SMSF, self managed superannuation fund, self managed super, pension, minimum payment, ASF Audits, Shelley Banton, ATO, Taxation Ruling 2013/5, TR 2013/5, exempt current pension income, pre-emptive action, compliance, SIS Act

Plans to automatically commute and restart a failed pension may breach the law for trustees and advisers who implement them.

read more
AFCA, Investments

AFCA holds stance on wholesale investors

self managed super, self managed superannuation, SMSF, retail investor, $10 million, Australian Financial Complaints Authority, AFCA, Shail Singh, Patrick Hartney, wholesale investor, definition, SMSF trustee, financial service

AFCA has reiterated the wholesale investor test will only apply for an SMSF when it has more than $10 million and other assets are not considered.

read more
Contributions, Superannuation

Recontribution barred due to glitch

self managed super, self managed superannuation, SMSF, superannuation, recontribution strategy, new financial year, MLC, Scott Quinn, non-concessional contribution, bring-forward, Janet Manzanero-Caruana

A handful of people looking to use a recontribution strategy in the new financial year will be unable to do so under a birth date-related anomaly.

read more

Copyright © SMS Magazine 2025

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.