Articles by Jason Spits

Documentation

New fund is best solution for lost deed

lost SMSF deed

SMSFs that have lost their deed should consider creating a new fund, rather than merging with another fund, to overcome any document losses or deficiencies.

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Strategy

Stalled bring-forward rules create dilemma

bring forward rules law

SMSF members looking to move large non-concessional contributions into super may prefer to take a tax hit instead of waiting for the bring-forward rules to change.

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LRBA

LRBAs hold their ground

LRBAs SMSF portfolios

Limited recourse borrowing arrangements have held their ground within the portfolios of SMSFs, but are still less than 1 per cent of all residential property assets.

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Strategy

Death benefit strategy for non-dependants

Death benefit non-dependants

SMSF members can use their fund to pass on benefits to a non-dependant before their death using a legitimate contribution strategy contained within super regulations.

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Pensions

ECPI election likely to be end of year

ECPI elections

The SMSF Association has predicted the government will allow ECPI elections to take place at the end of an income year as it will make little difference to its received revenue.

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Pensions

Give pension certainty to lift drawdown rate

pension draw down

Assurances from the government that the age pension and other benefits will be retained will drive more people to draw down on their accumulated retirement savings.

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Retirement

System focuses too much on accumulation

superannuation system accumulation

The compulsory superannuation system has been so focused on the accumulation phase that many people are unsure how to use their savings in retirement.

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Compliance

Non action can create sole purpose breach

no action sole purpose test

An SMSF trustee who intentionally took no action to gain a non-retirement benefit will still be viewed as breaching the sole purpose test.

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Superannuation

Govt pitches SG change as income trade-off

SG increase

The government regards any change to the super guarantee as a trade-off between working and retirement income.

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ATO, Superannuation

SMSF growth steady, but expenses rise too

SMSF sector growth

New ATO data has revealed steady growth in the SMSF sector, but funds have not been able to escape an increase in running costs.

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