Articles by Jason Spits

Pensions, Superannuation, Tax

Div 296 defined benefit rules poorly designed

Division 296 Defined benefit interest Regulation Treasury Chartered Accountants Australia and New Zealand CPA Australia Financial Advice Association of Australia Institute of Public Accountants

The draft regulations prescribing how the Division 296 tax will apply to defined benefit interests reflect the same poor design as the overall legislation, four industry bodies have claimed.

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Administration, ATO, Compliance, Contributions

Contribution return window narrow for over 75s

ATO Contribution SIS Act SMSF

SMSFs receiving contributions from members aged over 75 will likely have to return them and should be aware the timeframes within which to act are very limited.

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Business News, Superannuation

Islamic fund relaunches with new name

Crescent Wealth Super Fund Salaam Super Talal Yassine Equity Trustees Russell Investments Master Trust

The Crescent Wealth Super Fund will change its name from the middle of the year, with plans to add SMSF lending to its suite of offerings.

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Investments, Retirement

Inflation eating into retirement earnings

Retirement Inflation market-linked income guaranteed income Challenger Aaron Minney

Inflation has exposed the dangers of relying on market-linked income for retirement purposes, with retirees and advisers urged to consider the use of guaranteed income streams.

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Compliance, Contributions, Pensions

Caps only barrier to pension

Non-concessional contribution Pension Total superannuation balance Contribution cap

A contribution being succeeded by a pension in short order is allowable with the only barrier to the former being the relevant caps that may apply.

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Education, financial advice

Improved new adviser pathway proposed

Joint Associations Working Group JAWG Financial advice New entrants Education pathway

The Joint Associations Working Group has proposed improvements to the pathway for new entrants to the advice sector, including specialist areas of study.

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Legislation, SMSFA, Tax

Div 296 hearing disappointing

SMSF Association Division 296 tax Senate

The SMSF Association has labelled its time at a Senate inquiry into the proposed Division 296 tax as disappointing with limited time to address problems with the draft legislation.

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Appointments, financial advice

FSC expands to include advice licensees

Financial Services Council Appointment Board of directors advice licensees membership

The FSC has expanded its membership to include financial advice providers, adding two licensee heads to its board of directors.

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Investments, SMSF, SMSFA

Little benefit in performance test

Performance test SMSF SMSF Association Investment strategy

Extending a performance test applied to APRA-regulated funds to the SMSF sector would add red tape and increase costs without any benefit.

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financial advice, Retirement

Retirement funding vague for many

Colonial First State Retirement funding Financial advice ASFA

Many Australians have an inflated idea of what it will take for them to retire comfortably, yet few engage with their fund or advisers to seek help or advice.

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