Articles by Jason Spits

Regulation, Retirement

Retirement Income Covenant becomes law

retirement income covenant

Superannuation funds will be required to provide strategies to members on how they can use their funds in retirement as the long-awaited covenant becomes law.

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ATO, Technology

ESA upgrade not mandatory

ESA update

SMSFs can keep using their electronic service address without being forced to update it as long as rollovers are not required.

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Retirement

Inflation increases retirement living standard

inflation retirees living standard

The cost of living for retirees increased by the highest rate for a decade during 2021 due to price rises on non-discretionary purchases.

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Administration, Superannuation

Withdrawals raise asset questions

SMSF accidental withdrawal

An accidental withdrawal from an SMSF may not be seen as a loan to a member, but will raise questions around the separation of assets.

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Property, Tax

Payment type irrelevant for property sale CGT

property transactions CGT

Large-value property transactions must clear CGT withholding rules regardless of whether they are made in cash or in specie.

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Strategy, Superannuation

Rapid reserves drawdown possible

SMSF reserves drawdown

The speedy drawdown of reserves in an SMSF is possible by introducing new members with large balances or breaching cap rules.

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Estate Planning

Address death benefits at fund set up

death benefits establishment

The best time to address the payment of death benefits for SMSF members is at the time of the fund’s creation.

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Superannuation

ASFA proposes super bonus for new parents

ASFA super baby bonus

New parents who take time out of the workforce should be given a $5000 superannuation top-up to prevent their retirement savings falling short.

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Estate Planning, Superannuation

Fund membership not tied to lifespan

SMSF membership death

SMSF members should ensure fund membership endures after death if planning on using a third party to manage death benefit payments.

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Education

FPA rejects proposed experience pathway

FPA experience pathway

The FPA has rejected the proposed establishment of an experience pathway, but has called for the limited use of such a model if it is adopted.

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