Articles by Jason Spits

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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Pensions

Flexible payments must be noted

SMSF members drawing an income stream from their fund should declare the frequency of payments and their source as these types of transactions will come under greater scrutiny.

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Pensions

Two-step process key for pension documents

SMSF Self-managed superannuation Pension commencement TR 2013/5 Smarter SMSF Tim Miller

The ATO’s focus on pension commencements means backdating them is risky and SMSF members should not have to do so if they adopt a two-step document process.

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Documentation, Pensions, SMSF

Sparse pension documents unsuitable

SMSF Self-managed superannuation Pension documents Tim Miller Smarter SMSF TR 2013/5 regulations

Pension documents lacking specifics due to age or because they were automatically produced should be reviewed so they meet new standards set out by the ATO.

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ASIC, Compliance, Death benefits, Insurance

Cbus faces court over insurance delays

Cbus United Super Death benefit Total and permanent disability insurance ASIC Federal Court

ASIC has begun court action against industry fund Cbus alleging long delays in the payment of insurance claims that impacted more than 10,000 members.

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ATO, Pensions, Tax

Short pension terms raise red flags

ATO BDO Peter Crump SMSF Self managed superannuation Tax Ruling 2013/5 pension

SMSF members should be wary of short-term pension strategies and adopt a multi-year approach to prevent the process being viewed as a tax avoidance measure.

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Property, SMSF, Trusts

New rules diminish declarations of trust

SMSF Self-managed superannuation Declaration of trust Asset ownership Stamp duty ATO ASF Audits Shelley Banton

The use of a declaration of trust to deal with the ownership of SMSF assets has been undermined by ATO guidance and legislative changes.

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Appointments

IFPA expands tech team

IFPA Institute of Financial Professionals Australia Stuart Sheary

IFPA has recruited a new technical expert from a major advice group, further adding to its abilities to provide specialist support for its members.

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Auditing, Property

Second-tier valuation evidence less reliable

SMSF Self-managed superannuation Deloitte Liz Westover Asset valuation Audit evidence

Trustees struggling to get formal property valuation evidence can use other forms of data to support their estimate, but they may be regarded as less reliable by the fund’s auditor.

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Documentation, Pensions

Pension status change possible

Self-managed superannuation SMSF Reversionary pension Status Cooper Partners Financial Services Jemma Sanderson DBA Lawyers Dan Butler

It is possible to change the reversionary status of a pension inside an SMSF as long as it remains a pension and the fund’s supporting documents allow it.

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