Articles by Jason Spits

Legislation, SMSF, Superannuation, Tax

Revenue will drive Div 296 progress

Division 296 tax, Prime Minister,  Anthong Albanese, Treasurer, Jim Chalmers, 

The revenue that will come from the Division 296 tax is too significant for the government to drop the proposed measure, which will be used to fund its election promises.

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Retirement

Alliance aims for new retirement offerings

An Australian investment solutions provider has teamed with a global investment firm and begun work on developing new retirement income products to deal with longevity risk.

An Australian investment solutions provider has teamed with a global investment firm and begun work on developing new retirement income products to deal with longevity risk.

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Superannuation, Tax

Div 296 start not tied to sitting days

The ability of the government to pass the Division 296 tax bill through parliament may have little effect on the date it actually starts, which may be as soon as the new financial year.

The ability of the government to pass the Division 296 tax bill through parliament may have little effect on the date it actually starts, which may be as soon as the new financial year.

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Superannuation

Scam call warning over benefit balances

An accounting body has alerted practitioners and consumers to avoid engaging with unsolicited callers who are using market volatility to offer reviews of superannuation fees and investments.

An accounting body has alerted practitioners and consumers to avoid engaging with unsolicited callers who are using market volatility to offer reviews of superannuation fees and investments.

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SMSF, Tax

Urgent Div 296 action not required

The possibility of the Division 296 tax being passed into law does not mean immediate action should be taken to sidestep it given its impact is more than a year away.

The possibility of the Division 296 tax being passed into law does not mean immediate action should be taken to sidestep it given its impact is more than a year away.

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Contributions

Check bring forwards to avoid blowout

bring-forward strategy, contributions, non-concessional contribution bring-forward strategy, total superannuation balance, TSB, MLC, Mark Gleeson, Financial Services and Credit Panel, FSCP

Checking that clients don’t have an existing bring-forward strategy in place is essential for advisers looking at maximising contributions and avoiding sizeable excesses.

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financial advice, Financial Planning, Superannuation

Collective advice model inequitable

Collective advice, superannuation funds, fee-for-no-service, Institute of Financial Professionals Australia, IFPA, Delivering Better Financial Outcomes, APRA funds, intra-fund advice, fee-for-service

Collectively charging super fund members for advice was unfair to those who did not use it and opened the door for a return of fee-for-no-service arrangements.

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SMSF, Superannuation

Low-balance in-specie payment possible

Heffron, SMSF, Annie Dawson,

An individual in an SMSF can receive an in-specie benefit payment if their balance is less than the value of the asset, but will need the support of another member to do so.

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Contributions, Superannuation

Don’t rush into bring-forward contributions

Advisers should not rush to use bring-forward non-concessional contributions without first examining how a client can maximise other contributions in the current and future years.

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Contributions, Tax

Process key to catch-up contributions

MLC, Scott Quinn, tax, 

Individuals using carried forward unused portions of their concessional contributions cap must observe proper procedure or face an adverse outcome.

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