Articles by Jason Spits

NALI/NALE

In-specie contribution changes hide NALI trap

New draft guidance on the use of in-specie assets as a contribution hinges on the valuations applied as any incorrect figures may create NALI problems.

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NALI/NALE

NALE gap requires transaction examination

A regulatory gap around the treatment of NALE for general expenses means trustees should be closely examining how they acted for their fund in the past financial year.

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Death benefits, SMSF

SMSFs have greater financial abuse risk

A parliamentary committee has called for a review into how superannuation is used to engage in financial abuse, noting the structure of SMSFs raises the risk of one member abusing another.

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SMSF, Superannuation

Legacy pension exit changes approved

Legacy pensions, tax, SMSF

Government plans to allow the commutation of legacy pensions are now in force after proposed changes were given royal assent late last week.

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Legislation, Superannuation

Super objective will not reshape Div 296

superannuation, SMSF,

The government is likely to use the objective of super to promote the implementation of the Division 296 tax, stating it is consistent with its role as the defender of the retirement income system.

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financial advice, Financial Planning

Accountants overlooked in new advice model

The details of how the new class of adviser will operate have been released by the government, but the role of accountants in this area has again been ignored.

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SMSF, Tax

Tax hit is sole purpose penalty

Trustees may escape an administration penalty for a breach of the sole purpose test but could instead be hit with a heavy tax liability.

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SMSF, Tax

Div 296 bill separated into two parts

The Division 296 tax bill has been split into two parts, with the schedules related to the impost separated from those unrelated to the proposed additional charge on superannuation earnings.

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BDBNs, Death benefits, Documentation

In-specie benefits not a clean split

Death benefits that are paid out using in-specie assets need to be calculated carefully as they can strip money away from other beneficiaries.

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ASIC, financial advice, Financial Planning

ASIC examining telemarketer-sourced clients

ASIC has raised concerns about the poor practices of advisers sourcing clients from telemarketers for the purpose of encouraging them to roll over their super to invest in risky asset classes.

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