Articles by Jason Spits

ATO, In-house assets, Regulation

Complexity raises sole purpose risk

SMSF Self-managed superannuation Sole purpose test Related party transaction current day benefit Cooper Partners Financial Services Jemma Sanderson

SMSF trustees and practitioners should look beyond obvious issues regarding the sole purpose test when dealing with related parties as greater complexity raises the likelihood of breaching it.

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Property

No grace for slow related-party rent

SMSF Self-managed superannuation Sole purpose test Related party Rental income Collateral purpose Cooper Partners Financial Services Jemma Sanderson

SMSFs receiving rental income from a related party cannot extend charity if they fall behind in payments as assistance may breach the sole purpose test.

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Pensions

Flexi-pensions covered under legacy proposals

Self-managed superannuation SMSF DBA Lawyers Bryce Figot Legacy pensions Flexi-pension reserves

Despite flexi-pensions not being expressly mentioned in proposals to allow an exit from a legacy pension, the removal of reserves as a barrier would allow SMSF trustees to commute from them as well.

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Legislation, Tax

Senate urged to reject Div 296 bill

Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023 Senate Division 296 tax SMSF Association Unrealised capital gains

Independent senators have been called on to reject the proposed Division 296 tax bill, with the SMSF Association reiterating concerns over the taxation of unrealised gains.

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Pensions

Consider legacy pension exits now

SMSF self-managed superannuation legacy pension market linked pension reserve allocations DBA Lawyers Bryce Figot

Legacy pension holders can take action now to exit them under proposed future changes, but should be aware of any linked arrangements that could be jeopardised.

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Tax

Division 296 bill passes lower house

The Division 296 bill will progress to the Senate after the government voted down amendments in the lower house.

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Compliance, Regulation, Tax

Tax agent code changes finalised

Code of professional conduct for tax agents Tax Agent Services (Code of Professional Conduct) Amendment (Measures No 2) Determination 2024

The proposed changes to the code of professional conduct for tax agents will be tabled in parliament after the government and industry agreed to a final round of changes.

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Pensions, Regulation, SMSF

Pension exit improvements proposed

Legacy pensions Commutations Reserve allocations Contribution cap

Draft plans to allow SMSF members to exit legacy pensions can be improved by removing any timeframes and allowing partial commutations without contribution caps being applied.

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Auditing, Investments

Most complex audit files targeted

Unlisted entities SMSF Auditors ATO

The ATO will home in on the most difficult files created by an auditor, especially where unlisted assets are involved, ramping up the evidence that should be on file.

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Contributions, SMSF, Strategy

Revaluations can allow carry forward rule use

Concessional contribution Unused concessional contribution Total super balance

Revaluing the assets of an SMSF can ensure the members will be able to utilise the carry forward concessional contributions provisions.

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