Articles by Jason Spits

Pensions

ECPI election likely to be end of year

ECPI elections

The SMSF Association has predicted the government will allow ECPI elections to take place at the end of an income year as it will make little difference to its received revenue.

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Pensions

Give pension certainty to lift drawdown rate

pension draw down

Assurances from the government that the age pension and other benefits will be retained will drive more people to draw down on their accumulated retirement savings.

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Retirement

System focuses too much on accumulation

superannuation system accumulation

The compulsory superannuation system has been so focused on the accumulation phase that many people are unsure how to use their savings in retirement.

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Compliance

Non action can create sole purpose breach

no action sole purpose test

An SMSF trustee who intentionally took no action to gain a non-retirement benefit will still be viewed as breaching the sole purpose test.

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Superannuation

Govt pitches SG change as income trade-off

SG increase

The government regards any change to the super guarantee as a trade-off between working and retirement income.

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ATO, Superannuation

SMSF growth steady, but expenses rise too

SMSF sector growth

New ATO data has revealed steady growth in the SMSF sector, but funds have not been able to escape an increase in running costs.

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Pensions

Accepting pension not fait accompli

Reversionary pension

Reversionary pensions can be knocked back if they threaten other aspects of an SMSF member’s financial arrangements.

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Superannuation

SGC pause sensible at current time

superannuation guarantee pause

Temporarily pausing the increase in the SGC rate makes sense during a time of recession and flat wages growth, a major accounting body has claimed.

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Superannuation

Hume rules out extra top-up measures

superannuation top up

The government won’t be introducing extra measures to top up the super balances of people who made use of the coronavirus-related early release provisions.

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Financial Planning, Investments

Strategy focus must emphasise non-advice

SMSF investment strategies advice

SMSF practitioners have been given a prime opportunity to discuss investment strategies, but must emphasise the discussions are client driven and not advice.

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