Articles by Jason Spits

Pensions

Two pensions not always a burden

Super fund members looking to combine pensions may prefer to alter them to gain tax advantages that may not exist under a single income stream.

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Pensions, Superannuation

Govt unveils retirement-phase changes

The government will make changes to the products available in the retirement phase of super as part of a wider agenda focused on the drawdown period.

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Death benefits, Documentation

Claim staking essential for death benefits

SMSF trustees not bound by directions as to who should receive a death benefit should check all possible claims, even though this process is not required under law, to avoid possible disputes.

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Education

Education deadline boosts course take-up

The number of advisers undertaking education courses has spiked ahead of the deadline for existing providers to meet qualification requirements by the end of 2025.

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Documentation

Deeds should define membership

The definition of an SMSF member should be spelt out in a fund’s deed as superannuation law is vague on their status after they have died.

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Pensions

Flexible payments must be noted

SMSF members drawing an income stream from their fund should declare the frequency of payments and their source as these types of transactions will come under greater scrutiny.

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Pensions

Two-step process key for pension documents

SMSF Self-managed superannuation Pension commencement TR 2013/5 Smarter SMSF Tim Miller

The ATO’s focus on pension commencements means backdating them is risky and SMSF members should not have to do so if they adopt a two-step document process.

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Documentation, Pensions, SMSF

Sparse pension documents unsuitable

SMSF Self-managed superannuation Pension documents Tim Miller Smarter SMSF TR 2013/5 regulations

Pension documents lacking specifics due to age or because they were automatically produced should be reviewed so they meet new standards set out by the ATO.

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ASIC, Compliance, Death benefits, Insurance

Cbus faces court over insurance delays

Cbus United Super Death benefit Total and permanent disability insurance ASIC Federal Court

ASIC has begun court action against industry fund Cbus alleging long delays in the payment of insurance claims that impacted more than 10,000 members.

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ATO, Pensions, Tax

Short pension terms raise red flags

ATO BDO Peter Crump SMSF Self managed superannuation Tax Ruling 2013/5 pension

SMSF members should be wary of short-term pension strategies and adopt a multi-year approach to prevent the process being viewed as a tax avoidance measure.

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