Articles by Jason Spits

Compliance, Pensions, Retirement

In-specie pensions not possible

SMSFs facing liquidity issues cannot use property to fund a pension via in-specie transfers and need to consider an asset exit strategy.

SMSFs facing liquidity issues cannot use property to fund a pension via in-specie transfers and need to consider an asset exit strategy.

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Division 296, Superannuation, Tax

Revised impost creates multi-tax system

Three levels of tax will apply to earnings in super if revisions to the Division 296 measure are adopted and enacted.

Three levels of tax will apply to earnings in super if revisions to the Division 296 measure are adopted and enacted.

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Division 296, Superannuation, Tax

Accountants united in support for changes

The three major accounting bodies have backed the changes to the Division 296 tax and have called for it to be implemented quickly.

The three major accounting bodies have backed the changes to the Division 296 tax and have called for it to be implemented quickly.

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Division 296, SMSF, Tax

Div 296 changes announced

The government will change the proposed Division 296 tax to only apply to realised earnings, but will add a second threshold at a higher rate.

The government will change the proposed Division 296 tax to only apply to realised earnings, but will add a second threshold at a higher rate.

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ATO

ATO guidance akin to law

Guidance issued by the ATO can carry a force similar to that of the law and so requires practitioners to be aware of any changes.

Guidance issued by the ATO can carry a force similar to that of the law and so requires practitioners to be aware of any changes.

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ATO, Auditing, Valuations

Check valuation challenge assumptions

Trustees can push back against an ATO challenge to the valuation of an asset, but should be able to prove why they believe the regulator is wrong.

Trustees can push back against an ATO challenge to the valuation of an asset, but should be able to prove why they believe the regulator is wrong.

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SMSF, Trusts

Ensure trustee company status maintained

The difficulty in reinstating a deregistered trustee company increases where a director is absent and can be avoided by an annual review.

The difficulty in reinstating a deregistered trustee company increases where a director is absent and can be avoided by an annual review.

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Contributions

NCC increases reopen bring forwards

The increases in the non-concessional contribution caps will require advisers to more frequently review whether clients can use bring-forward strategies.

The increases in the non-concessional contribution caps will require advisers to more frequently review whether clients can use bring-forward strategies.

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Retirement, Superannuation

Correct release conditions critical

Advisers need to direct clients to pick the correct condition of release to provide the fullest access to their superannuation savings.

Advisers need to direct clients to pick the correct condition of release to provide the fullest access to their superannuation savings.

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Contributions, Property

In-specie contribution reserving valid

Changes to the superannuation rules mean the use a reserving strategy to make an in-specie contribution to an SMSF may be possible.

Changes to the superannuation rules mean the use a reserving strategy to make an in-specie contribution to an SMSF may be possible.

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