Articles by Jason Spits

financial advice, Financial Planning

Limit SMSF compensation to the fund

The FAAA has called for any money paid to an SMSF via the Compensation Scheme of Last Resort to be limited to the fund and not multiplied by the number of members it contains.

read more
Pensions

Legacy pensions won’t create debt

Legacy pension holders will not face any social security debt if they choose to commute their income stream, but will lose any asset text exemptions.

read more
LRBA, NALI/NALE

Revised LCR maintains stance on LRBAs

Self-managed superannuation SMSF Law Companion Ruling LCR 2021/2DC NALE non-arm’s-length expenditure LRBA limited recourse borrowing arrangement DBA Lawyers Fraser Stead

The changes to the operation of the NALE rules have not flowed through to LRBAs, with the ATO’s revised guidance seeing non-arm’s-length dealings as tainting the arrangement forever.

read more
Pensions

Act cautiously with pension amnesty

SMSF Self-managed super Heffron Meg Heffron Legacy pensions Asset test exemption transfer balance cap commutations

Using the five-year amnesty to commute a legacy pension will require caution where the new rules interact with other superannuation, tax and social security laws.

read more
Documentation, SMSF, Tax

Correct SAR values needed for accurate TSB

SMSF Self-managed super IFPA Institute of Financial Professionals Australia Natasha Panagis Annual return accumulation phase values retirement-phase values total super balance TSB

The correct reporting of a total super balance can be skewed heavily if accumulation and retirement-phase values are poorly reported in an SMSF annual return.

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New draft guidance on the use of in-specie assets as a contribution hinges on the valuations applied as any incorrect figures may create NALI problems.

read more
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.

read more
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.

read more
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.

read more
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.

read more

Copyright © SMS Magazine 2025

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.