Articles by Jason Spits

Retirement, SMSF

SMSF members confident in retirement

SMSF retirement savings Vanguard Investment Trends confidence

The level of confidence SMSF members have that their retirement savings will be sufficient to last their lifetime is three times higher than for those without a fund, new research has found.

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financial advice, Financial Planning, SMSF

Advised SMSFs hit all-time low

SMSF Financial advice Vanguard Investment Trends Irene Guiamatsia

The number of advised SMSFs has dropped to an historical low, with advisers being urged to reconsider how they offer services to existing and new trustees and fund members.

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Insurance, LRBA, Property, SMSF

LRBA insurance payments not linear

LRBA Life insurance SMSF Business real property

SMSFs holding life insurance to cover liabilities from an LRBA should be aware any benefits from the policy may not actually be applied to the arrangement.

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Contributions, Superannuation

Remove contribution excesses to avoid issues

SMSF Superannuation concessional contribution non-concessional contribution excess Heffron

SMSF members who make excess concessional contributions may be better off taking the funds out again rather than letting them be treated as non-concessional contributions.

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Legislation, SMSF, Tax

Div 296 labelled an SMSF attack

Better Targeted Superannuation Concessions Division 296 Kylea Tink Michael Broadbent SMSF

Independent members of parliament have called the introduction of the Division 296 tax as an attack on SMSFs to force their members into other funds.

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Legislation, NALI/NALE, Superannuation, Tax

Progress of NALE bill uncertain

NALE non-arm’s length expenses Chartered Accountants Australia and New Zealand Tony Negline Parliament

Changes to the rules around non-arm’s length expenses may not pass parliament before 30 June raising doubts as to their application in the current financial year.

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ATO, Compliance, Documentation, SMSF

Practitioners judged more harshly

ATO Tax agent Documentation Evidence SMSF

SMSF practitioners should maintain the highest documentation standards for their own funds due to the degree of scrutiny the ATO applies to them.

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Superannuation, Tax

Govt funds own Div 296 operation

Div 296 tax Defined benefit interests Federal budget SMSF Association

The government will spend more than $10 million to implement the proposed Division 296 tax on defined benefit interests.

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Pensions, Tax

Deeming rates freeze continues

Deeming rates Age pension Social security SMSF

Social security deeming rates will remain locked at their current level boosting income available to age pension recipients.

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ATO, Compliance, Documentation, SMSF

Record keeping reminder issued

SMSF trustees Record keeping Annual returns

SMSF trustees need to be aware of the annual return lodgement date and check how current fund records and the information provided to the ATO are.

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