Articles by Jason Spits

SMSF, Tax

Div 296 window closing

The government is running out of time to pass the Division 296 tax bill this year as other items on its legislative agenda fill in the few remaining sitting days.

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Death benefits, Superannuation

Stepchild super status no longer clear

The status of stepchildren to be considered as superannuation beneficiaries is no longer as clear cut as it once was, with common law moving ahead of official guidance.

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ATO, SMSF

New funds dominated by middle-agers

The number of middle-aged people setting up an SMSF has continued to rise, with more than 50 per cent of new funds established by people between 35 and 50 years of age.

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Insurance

Premium deduction choices clarified

The ATO has noted SMSFs claiming deductions for insurance premiums can only do so under two parts of the tax laws and where one is disallowed, the other may apply.

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Pensions

No barrier to changing pension providers

Super fund members are not restricted from changing pension providers, but should ensure the rollover retains any benefits and is a like-for-like transition.

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Pensions

Two pensions not always a burden

Super fund members looking to combine pensions may prefer to alter them to gain tax advantages that may not exist under a single income stream.

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Pensions, Superannuation

Govt unveils retirement-phase changes

The government will make changes to the products available in the retirement phase of super as part of a wider agenda focused on the drawdown period.

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Death benefits, Documentation

Claim staking essential for death benefits

SMSF trustees not bound by directions as to who should receive a death benefit should check all possible claims, even though this process is not required under law, to avoid possible disputes.

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Education

Education deadline boosts course take-up

The number of advisers undertaking education courses has spiked ahead of the deadline for existing providers to meet qualification requirements by the end of 2025.

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Documentation

Deeds should define membership

The definition of an SMSF member should be spelt out in a fund’s deed as superannuation law is vague on their status after they have died.

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