Articles by Jason Spits

financial advice, Financial Planning

AMP completes advice exit

AMP has stepped away from the provision of financial advice, announcing the completion of the sale of its licensees to two separate entities, a move that comes at a significant loss.

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SMSFA, Tax

Div 296 now a ‘zombie measure’

The Division 296 tax bill is unlikely to progress any further through the Senate, but the government has yet to admit it is permanently stalled, the SMSF Association has told members.

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ASIC, Property, SMSF

Court disqualifies, fines property developer

A property developer who promoted the use of SMSFs to invest in unlicensed investment schemes has received a record court-ordered fine.

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Pensions

Legacy pension exits hinge on Div 296 progress

A plan to allow legacy pension exits may be derailed if the Division 296 tax does not become a reality as the former is designed to ease the application of the latter.

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NALI/NALE

Revised NALE LCR released for comment

A revised version of LCR 2021/2 incorporating the NALE rules that become law at the start of the financial year has been released for comment.

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Pensions

Discretion timing may worsen breaches

SMSF members seeking ATO discretion regarding failures to pay minimums may find response times get in the way of taking immediate action to address the problem.

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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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