Articles by Jason Spits

ATO, Compliance, Documentation, SMSF

Practitioners judged more harshly

ATO Tax agent Documentation Evidence SMSF

SMSF practitioners should maintain the highest documentation standards for their own funds due to the degree of scrutiny the ATO applies to them.

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Superannuation, Tax

Govt funds own Div 296 operation

Div 296 tax Defined benefit interests Federal budget SMSF Association

The government will spend more than $10 million to implement the proposed Division 296 tax on defined benefit interests.

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Pensions, Tax

Deeming rates freeze continues

Deeming rates Age pension Social security SMSF

Social security deeming rates will remain locked at their current level boosting income available to age pension recipients.

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ATO, Compliance, Documentation, SMSF

Record keeping reminder issued

SMSF trustees Record keeping Annual returns

SMSF trustees need to be aware of the annual return lodgement date and check how current fund records and the information provided to the ATO are.

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SMSF, Superannuation, Tax

Div 296 tax draft bills approved

Division 296 SELC Senate Economics Legislation Committee Better Targeted superannuation Concessions

A Senate committee reviewing the draft Division 296 tax bill has recommended it be passed without any suggested amendments.

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SMSF, SMSFA, Superannuation, Tax

Stance on Div 296 tax disappointing

SMSF Association SMSFA Peter Burgess Senate Economics Legislation Committee Division 296 Better Targeted superannuation Concessions

The SMSF Association has labelled a Senate committee’s support for the proposed Division 296 tax as it stands disappointing.

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Pensions, Superannuation, Tax

Excess pension payments not always tax-free

SMSF Superannuation Minimum pension Lump sum commutation Preservation age

SMSF members drawing a lump sum above their minimum pension amount are safe from any further tax, but should be aware of preservation restrictions.

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ASIC, financial advice

ASIC freezes SMSF adviser’s assets

ASIC Sunny Prakash SMSF Assets frozen

ASIC has frozen the assets of an SMSF adviser and auditor following concerns about activities in relation to the trading accounts of his clients.

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Insurance, SMSF

Insurance cover details skewed

Life insurance SMSF Investment strategy Insignia Financial The Auditors Institute

Levels of insurance cover for SMSF members are likely being clouded by the ageing demographic of members and the use of policies held outside the fund.

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Insurance, SMSF, Superannuation

Avoid insurance held by another fund

SMSF Superannuation Life insurance ownership Insignia Financial Jon de Fries

SMSFs should not purchase life insurance cover held within another super fund as this type of financial protection is not legally available to them.

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