Articles by Jason Spits

Contributions, Superannuation

Pre-budget announcements get early support

budget super announcements

Changes to the downsizer contribution scheme and work test, announced prior to tomorrow’s budget, will boost superannuation balances, according to an industry body.

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Pensions

Prepare for pension despite uncertainty

pension drawdown

SMSF members drawing a pension should still be making plans for the next financial year, despite being uncertain as to what levels the minimum drawdown amount may be set at.

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Administration, Technology

Admin provider beefs up contributions tool

SMSF alliance contributions tool

SMSF Alliance has made changes to its contribution reporting system allowing advisers an overview of an SMSF client’s total input into their fund.

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Documentation

Death benefit control better via will

death benefit will

SMSF members wishing to control how a death benefit will be used after their passing should look past a binding death benefit nomination and consider a trust within their will.

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Pensions, Retirement

TRIS conversion into ABP not automatic

TRIS conversion pension

An SMSF expert has reminded practitioners a transition-to-retirement income stream will not convert into an account-based pension unless an ATO-defined process occurs.

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Contributions

Contributions reopen for back-burner clients

contributions strategies

SMSF clients with stalled contribution strategies may be able to complete those in the new financial year under pending changes resulting from indexation.

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ATO, Investments

AAT decision highlights ATO strategy focus

SMSF investments ATO audit

A failed court appeal has revealed the ATO’s ongoing focus on investment strategies and ensuring transactions meet the requirements of super legislation.

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Contributions

Bring-forward pause opens contribution window

bring-forward contribution

Indexation of the transfer balance cap can boost a bring-forward strategy by increasing the level of a contribution that can be added to an SMSF.

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Residential Property

Islamic finance firm opens residential funds

Islamic finance residential

SMSFs have been given another avenue to invest in residential property via two Islamic finance group funds focused on capital growth and rental income.

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Strategy

TSB not completely locked down

TSB locked down

A seldom-used option in declaring interests in an SMSF can allow a member to adjust their total super balance downwards and get back under certain thresholds.

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