Articles by Jason Spits

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.

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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.

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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.

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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.

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New draft guidance on the use of in-specie assets as a contribution hinges on the valuations applied as any incorrect figures may create NALI problems.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

Legacy pension exit changes approved

legacy pensions, five-year amnesty, tax-free commutation, legislative instrument, regulations, pension reserve, reserve allocations, self managed superannuation, self managed super, 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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