Articles by Jason Spits

Tax

Death benefits may trigger Div 296

Death benefits, Division 296, income streams, total super balance, $3 million threshold, SMSF, self managed super, TSB, DBA Lawyers, Shaun Backhaus, Division 296 calculations, proportion of earnings, reversionary pension

The Division 296 tax will require a review of income streams that push total super balances close to the $3 million threshold.

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SMSF, Tax

Assistant minister fails basic maths on tax

SMSF, self managed super, Division 296, concessional treatment, superannuation earnings, Accurium, Mark Ellem, Assistant Minister for Treasury, Andrew Leigh, $3 million, SMSF Professionals Day, tax rate, 30 per cent

An SMSF educator has noted errors made by an assistant minister about the Division 296 tax highlight its impact will be greater than first proposed.

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Contributions

Avoid post-return reallocations

SMSF, self managed super, contribution allocation, reallocation, annual return, false declaration, Heffron, Lyn Formica

Reallocating a contribution after financial statements have been lodged is unethical and may lead to penalties for those who engage in this behaviour.

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SMSF, Superannuation, Tax

Alternative Div 296 model possible

SMSF, self managed super, Division 296, calculation, unrealised capital gains, calculation, earnings, SMSF Alliance, David Busoli, total super balance, TSB, $3 million threshold, actual income

An alternative Division 296 calculation can used which does tax unrealised capital gains with an SMSF specialist noting it could be built around a model already in the bill.

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SMSF, Superannuation, Tax

LRBAs off Division 296 table

SMSF, self managed super, Division 296, LRBA, limited recourse borrowing arrangement, Senate, Treasurer, Jim Chalmers, Greens, defined benefit schemes

The Treasurer has ruled out using LRBAs as a bargaining chip in seeking support in the Senate to pass the proposed Division 296 tax bill.

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SMSF, Superannuation, Tax

Don’t break laws avoiding super impost

SMSF, self managed super, Division 296, superannuation, withdrawal, McCullough Robertson, Hayley Mitchell, $3 million, condition of release, superannuation balance, asset valuations, legislation

SMSF members reducing their retirement savings balance below $3 million to avoid the Division 296 tax must remain within the super laws and avoid rash moves that breach them.

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Superannuation, Tax

Div 296 is a budget fix

SMSF, self managed super, Division 296, Treasurer, Jim Chalmers, budget, superannuation policy, CPA Australia, Richard Webb, indexation, superannuation, $3 million, taxing of unrealised gains

The Division 296 tax is being introduced as a budget repair measure and not as a long-term superannuation policy and will affect many more people than estimated.

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ASIC, Compliance, financial advice, Financial Planning

Adviser convicted for dishonesty

Financial adviser, superannuation, dishonest conduct, David Mario Valvo, Downing Centre District Court, Your Financial Freedom, ASIC, Wealthtrac

A former adviser who accessed clients’ superannuation accounts using false documents has been convicted of dishonest conduct and forced to repay his clients.

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ATO, SMSF, Superannuation

Trustee disqualification affirmed

SMSF trustee, disqualification, self managed super, self managed superannuation, Administrative Review Tribunal, ART, ATO, Omibiyi and Commissioner of Taxation, Oladokun Omibiyi, loan to members, SIS Act, contravention

An SMSF trustee who made more than 100 withdrawals from his fund has failed to have his disqualification overturned on appeal.

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