Articles by Jason Spits

SMSF

Zero balance at closure unnecessary

SMSF zero balance wind-up Heffron Lyn Formica

SMSF practitioners who insist a fund should have a zero balance at wind-up may be creating unnecessary tax issues at the last stage of it closure.

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Administration, ATO, SMSF

Avoid copycat SMSF names

ATO SMSF Name Super Fund Lookup ABN Establishment

The ATO has advised the name given to an SMSF should be sufficiently different from that of any other super fund to avoid delays in its establishment and operation.

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SMSF, Superannuation

First CSLR payments made

Compensation Scheme of Last Resort CSLR First payments David Berry SMSF self-managed super fund

The Compensation Scheme of Last Resort has paid out $360,000 in its first batch of payments, with one of the first cases settled relating to inappropriate SMSF advice.

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Compliance, SMSF

Barrier low to close unused funds

SMSF Wind-up Heffron Lyn Formica

SMSF trustees who have not actually used their fund can wind it up via a simple process, but will be questioned if they wish to start a new one in the future.

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Investments

Bond, equity mix no longer sufficient

SMSF portfolio Steven Miller GSFM Bonds Equities

Bonds are returning to their accepted role as an offset to volatility in equities, but both should be tempered by the use of alternative assets in an SMSF portfolio.

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AFCA, Regulation, SMSFA

Govt should pay all Dixon claims

SMSF Association Dixon Advisory Compensation Scheme of Last Resort Peter Burgess

The government should recommit to funding all compensation claims related to Dixon Advisory to remove the unfair financial burden they will place on advisers.

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SMSF, Superannuation, Tax

Don’t mistake Div 296 action date

Division 296 tax SMSF total super balance $3 million MLC Julie Steed

SMSFs should not confuse when they need to act to sidestep the impact of the proposed Division 296 tax, with the critical date occurring not in 2025, but in 2026.

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Retirement

Retirees cautious about helping children

Retiree Children Financial hardship AMP retirement lifestyle downsize

Many retirees want to help their children deal with financial challenges, but are unwilling to trade off their own financial security to do so.

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ATO, Compliance, Contributions, SMSF

Deduction notice reminder issued

ATO SMSF Contribution deductions Notice of intent

The ATO has reminded SMSF members they cannot claim a deduction for personal contributions without informing their fund, which must acknowledge the course of action.

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Retirement, SMSF, Superannuation

$250,000 threshold for member moves

Investment Trends Ludovic Sevestre survey Superannuation switching member engagement Self-directed

A super balance of $250,000 is the threshold at which fund members are seeking more from their provider, with those aged 45 more likely to look at switching.

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