Articles by Jason Spits

financial advice

Financial abuse protocols needed

FAAA Financial Advice Association Australia Financial abuse reporting

The processes for financial advisers to report suspected financial abuse are unclear, with some current laws preventing appropriate action taking place.

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Death benefits, Estate Planning

Death benefits to estate can help keep assets

IFPA super death benefit estate planning SMSF tax

Paying a super death benefit to a member’s estate can reduce the tax bill a beneficiary may receive and assist them in retaining specific assets from the fund.

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LRBA

Marginal rise for safe harbour rates

LRBA Related-party loans Interest rates

The safe harbour interest rates for related-party loans under an LRBA have increased slightly for the next financial year, avoiding the sharp rise of 12 months ago.

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Death benefits, Estate Planning

Estate useful for directing super benefits

superannuation Death benefits Estate Institute of Financial Professionals Australia IFPA Natasha Panagis SMSF Self-managed super

A deceased estate can be a useful place to send super death benefits as it can provide wider options for distribution to beneficiaries than that allowed under the SIS Act.

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Crypto Assets, Cryptocurrency, SMSF

New funds keen on crypto and cash

The trustees of new SMSFs have shown a preference for cryptocurrency and cash at higher rates than established funds.

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Pensions, SMSF

Deeming rates to reduce pension amounts

Centrelink income means test Aged pension SMSF Deeming rates Pension

Retirement income streams drawn from an SMSF are likely to be impacted by new deeming thresholds for the age pension, regardless of the amount drawn down each month.

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SMSF, Tax

Div 296 payment method inconsistent

DBA Lawyers Dan Butler SMSF Division 296

Paying the Division 296 tax from an SMSF would run counter to the narrative funds should not be releasing money before members meet specific age and work-based criteria.

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Superannuation

Allow leverage inside super

Leverage Superannuation funds Debt

The debt leveraging that has boosted the residential property market should be allowed inside superannuation to further grow member balances.

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Retirement, Superannuation

Renting retirees shows need for super

Vanguard Australia Daniel Shrimski Retirement Renting Mortgage Superannuation

The role of superannuation in building wealth for retirement has been highlighted again by new research showing a third of retirees finish work without fully owning their home.

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Pensions

Missed pension exemption unfair to couples

SMSF Minimum pension payment shortfall ATO exemption Concession Graeme Colley

An ATO concession allowing a missed pension payment to be made later without impacting the income stream is limited in its usage and unfair to couples who make the mistake together.

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