Articles by Jason Spits

Superannuation

Budget fixes disclosure oversight

SMSFs fund information

The budget has corrected an administrative oversight removing a requirement for SMSFs to report fund information only relevant for retail and industry superannuation funds.

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Pensions

Volatility drives pension reduction

minimum pension reduction

The 50 per cent reduction in the minimum pension drawdown will remain in place until mid-2023 due to market volatility.

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NALI/NALE

Share schemes expansion needs NALE clarity

NALE share schemes

An expansion of access to employee share schemes puts more weight behind the need for clarity in the operation of non-arm’s-length expenditure rules.

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ATO, Contributions

ATO contributions discretion unlikely

excess contributions discretion

The ATO is unlikely to exercise discretion when super fund members make excess contributions, adopting the same stance taken in regards to early access.

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Documentation, Estate Planning

EPOA disputes have common causes

EPOA disputes

Disputes around an enduring power of attorney usually have three causes and advisers can play a role in helping clients resolve them.

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Superannuation

Awareness of TBCs an adviser duty

transfer balance caps duty

Advisers have a duty to ensure clients are under their transfer balance caps, rather than solely relying on ATO data.

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Auditing

Auditor portal updated, privacy warning issued

SMSF auditors portal

The ATO has updated its online portal for SMSF auditors and reminded them the information lodged falls under privacy laws.

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NALI/NALE

NALE fix welcome but details needed

NALE amendments

Plans to ensure the NALE and NALI provisions do not have unintended consequences have been welcomed, but the outcome for SMSFs requires more detail.

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Investments

Unadvised SMSFs lack investment insight

SMSF investment insight

SMSF trustees running their own investments lack the depth of knowledge to make the best investment decisions and should steer away from do-it-yourself solutions.

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NALI/NALE

Govt to make NALE work as intended

NALE provisions

The federal government has responded to concerns about the impact of non-arm’s-length expense provisions and will move to ensure they do not go further than intended.

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