Articles by Jason Spits

Accounting

SMSFs await relief package details

smsfs covid-19 relief

Following the federal government’s coronavirus announcements, SMSF trustees are still waiting for details on how early access will apply to them.

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Pensions, Superannuation

SMSFA seeks drawdown cut

pension drawdown

The SMSF Association has asked the government to reduce minimum drawdown amounts from superannuation in response to COVID-19’s impact on financial markets.

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Accounting

LRBA and property development not a good mix

LRBA property development

A close reading of recent ATO comments about property development within an SMSF using an LRBA indicates it should be avoided at all costs.

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Estate Planning, Superannuation

Legal disputes point back to paperwork

legal disputes superannuation documentation

Legal disputes around superannuation in a deceased estate have centred on the quality of the documentation, forcing advisers to pay attention to the mistakes that were made.

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Retirement, Strategy

TRIS strategy still has role to play

TRIS strategy

Changes to the tax treatment of transition-to-retirement income streams have not diminished their usefulness for some pre-retirement clients.

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Estate Planning, Pensions

Set model no BDBN tension fix

BDBN priority

A prescribed model on how to deal with binding death benefit nominations and reversionary pensions was unlikely due to a lack of agreement on their operation inside an SMSF.

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Estate Planning

Dual funds can prevent estate tensions

super estate planning

Dual superannuation funds can be used to separate assets in a blended family and to ensure benefits go where they are intended, an SMSF specialist has suggested.

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ATO, Compliance

ATO data lifts need for warnings

ATO investment strategy compliance

New ATO data-checking abilities mean trustees need to comply with investment guidelines and advisers should be promoting this compliance.

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Business News

Heffron recruits Cavendish founder

Heffron Cavendish

A long-serving and senior figure in the SMSF sector has taken on a new expansion-focused role with Heffron.

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ASIC, Superannuation

Early-release promoter banned

early release superannuation

A banned financial adviser has received a further penalty from ASIC for his part in a scheme that promoted the illegal early release of super via SMSFs.

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