Articles by Jason Spits

Accounting

Division 296 asset valuation caution

Dan Butler DBA Lawyers Division 296 Asset valuations SMSF Self-managed superannuation fund

SMSF members should look at the best valuation of fund assets to offset the impact of the Division 296 tax, but should be cautious about what value they record.

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NALI/NALE

NALE bill passed by parliament

NALE non-arm’s-length expenditure bill SMSF Self-managed superannuation fund Royal assent

Changes to the NALE provisions will become law, with only the question of when they will take effect yet to be answered.

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Education, financial advice

Licensees to report experienced pathway users

Financial advisers Australian financial services licensees AFSL experienced provider pathway declaration

Licensees have been reminded they will have one month from 1 July to notify ASIC of any adviser who uses the experienced provider pathway.

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ATO, Auditing, SMSF

ATO updates SMSF auditor’s report

ATO SMSF independent auditors report ASQM1 ASQC1 SMSF auditors

The SMSF independent auditor’s report has been updated, reflecting changes to audit standards that came into effect in late 2022.

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financial advice

Financial abuse protocols needed

FAAA Financial Advice Association Australia Financial abuse reporting

The processes for financial advisers to report suspected financial abuse are unclear, with some current laws preventing appropriate action taking place.

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Death benefits, Estate Planning

Death benefits to estate can help keep assets

IFPA super death benefit estate planning SMSF tax

Paying a super death benefit to a member’s estate can reduce the tax bill a beneficiary may receive and assist them in retaining specific assets from the fund.

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LRBA

Marginal rise for safe harbour rates

LRBA Related-party loans Interest rates

The safe harbour interest rates for related-party loans under an LRBA have increased slightly for the next financial year, avoiding the sharp rise of 12 months ago.

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Death benefits, Estate Planning

Estate useful for directing super benefits

superannuation Death benefits Estate Institute of Financial Professionals Australia IFPA Natasha Panagis SMSF Self-managed super

A deceased estate can be a useful place to send super death benefits as it can provide wider options for distribution to beneficiaries than that allowed under the SIS Act.

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Crypto Assets, Cryptocurrency, SMSF

New funds keen on crypto and cash

The trustees of new SMSFs have shown a preference for cryptocurrency and cash at higher rates than established funds.

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Pensions, SMSF

Deeming rates to reduce pension amounts

Centrelink income means test Aged pension SMSF Deeming rates Pension

Retirement income streams drawn from an SMSF are likely to be impacted by new deeming thresholds for the age pension, regardless of the amount drawn down each month.

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