Articles by Jason Spits

Documentation, financial advice

QAR does not remove need for advice documents

QAR advice documents

Financial advisers should be looking at what clients want from written advice if a recommendation to stop using statements of advice is adopted.

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Superannuation

Higher tax rates for super

30 tax large superannuation balances

The government will introduce a 30 per cent concessional tax on superannuation balances above $3 million from the 2026 financial year.

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Superannuation, Tax

Super tax changes shift goalposts

superannuation tax rate

A government plan to introduce a higher tax rate for superannuation balances over $3 million adds to uncertainty around investing for retirement.

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Contributions

Work test excludes some workers

work test common-law employees

Changes to the work test currently prohibit politicians and company directors from making personal deductible contributions as the new rules do not consider them to be eligible employees.

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Insurance

Insurance cover can be zero if unemployed

temporary incapacity SMSF

A gap in employment can reduce an income protection payment to zero if the policy is held within an SMSF at time of claim, an insurance expert has warned.

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NALI/NALE

ATO will not extend NALE relief

ATO NALE relief

The ATO will extend compliance relief for breaches of the NALE provisions despite the government conducting a review of the arrangements.

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Superannuation

Using super for housing is lazy thinking

superannuation housing

Calls for super to be used for housing is a recycled debate stemming from the poor policy decisions and lazy thinking of previous governments

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Estate Planning

Unchecked EPOAs dangerous to clients

EPOA status

Advisers should check the status of their clients enduring power of attorney as failures cannot be addressed after they have lost capacity.

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NALI/NALE

Simple NALE fix exists in SIS Act

NALE SIS Act

The government’s NALE solution addresses a problem that no longer exists and could be easily fixed by an amendment to the SIS Act.

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SMSFA, Superannuation

Association rallies members on super objective

SMSFA superannuation objective

SMSF Association members have been called on to put forward their views regarding the proposed objective of superannuation before the industry body meets with government next month.

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