Articles by Jason Spits

ATO, Investments

In-house asset obligations must be maintained

in-house asset relief

The ATO’s coronavirus relief provisions do not extend to in-house asset ratios or investment strategies, with trustees reminded to maintain their obligations.

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Pensions

Create amnesty to exit legacy pensions

legacy defined benefit pensions

The current market downturn has highlighted the need for legacy defined benefit pensions to shift to more modern alternatives.

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ATO, Superannuation

ATO issues SMSF early release details

SMSF early release

SMSF members have been given details about how they can gain early release to their funds under the government’s coronavirus relief provisions, with the ATO urging caution for trustees.

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ATO, Auditing

Tax agents tagged in SAN misuse probe

SAN misuse tax agents

The ATO has examined more than 1000 cases of SMSF auditor number (SAN) misuse and has taken against 90 people as part of its rolling compliance efforts.

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Pensions

Pension relief better for 2020/21

pension drawdown reduction

The reduction in minimum pension drawdown amounts will have a greater impact in the next financial year, but trustees should be planning for it in the near future.

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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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