Articles by Jason Spits

ATO, Contributions, Strategy

Reserving process key to avoiding ATO scrutiny

contribution reserving strategies

Contribution reserving strategies have been given the green light by the ATO, but correct processes remain central to avoiding compliance action.

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Insurance, Superannuation

Cancel life cover before starting fund wind-up

SMSF life insurance

SMSFs holding life insurance policies should cancel them before starting the wind-up process to ensure the fund is not incorrectly viewed as active.

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ATO, NALI/NALE

NALE shift targets small funds

ATO NALE small SMSFs

The ATO’s broad-brush view of NALE will hit more small fund members than those trustees seeking to exploit non-arm’s-length rules.

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Pensions

Legacy pension reserves tax lacks logic

Legacy pension reserves tax

Charging a tax on legacy pension reserves appears to be based on incorrect assumptions about their source and has come without any explanation from government.

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FASEA

FASEA exam suitable for all advisers

FASEA exam advisers

The mandatory adviser exam can be passed by all types of advisers and the current pass rate is evidence of that, according to FASEA.

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Accounting, Financial Planning

Accountants backing away from SMSF advice

SMSF advice accountants

The number of accountants offering advice to SMSF clients via financial planning arrangements has dropped markedly in the past year.

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Superannuation, Tax

Super info to be shared in separations

superannuation separation

The superannuation balances of separating couples will be transparent to each party under proposed changes put forward by the government.

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Investments, Retirement

Magellan launches retirement income fund

Magellan retirement income

Magellan has launched an ETF aimed at investors seeking retirement income with low volatility.

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Pensions

Drawdown rate to remain halved for next year

pension drawdown rate

The minimum pension drawdown rate will remain at 2.5 per cent for another year as the government extends this COVID-19 relief measure for retirees.

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Property

Property funding via contributions a grey area

property funding contributions

SMSFs using contributions strategies to fund a property development may still trip over tax rules that are yet to be clarified.

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