Articles by Jason Spits

Valuations

Valuation skills of trustees downplayed

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, asset valuation, trustee valuaton, ATO guidance, Vincents, Mailene Wheeler, unlisted company, unlisted trust

A change to the ATO’s guidance on valuations is raising concerns for trustees with knowledge of the assets held within their fund.

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Compliance, Contributions, SMSF, Strategy, Superannuation, Tax

Deductible recontributions scrutinised

Deductions claimed on withdrawals from super that are quickly recontributed will attract scrutiny from the ATO in regards to tax avoidance.

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Death benefits, Division 296, Estate Planning, SMSF, Tax

Div 296 drives estate planning urgency

SMSF members retaining high balances inside super will need to be proactive in their estate planning to avoid a further post-death tax hit.

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Division 296, Pensions, SMSF, Tax

Ditch Div 296 for compulsory cashing

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, Division 296, compulsory cashing, Institute of Financial Professionals Australia, IFPA, Economic Reform Roundtable, tax concessions, retirement-phase pension, unrealised gains, Natasha Panagis

IFPA has claimed the reintroduction of compulsory cashing would reduce tax concessions in super and generate revenue for the government.

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Auditing

Engagement letter locks in responsibility

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, auditor, letter of engagement, ARC Super, Ashley Course, Ryan Wealth Holdings Pty Ltd v Baumgartner, contractual obligation

SMSF auditors commit to protecting the interests of fund trustees and members when they issue a letter of engagement.

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Administration, Compliance, Division 296, Legislation, SMSF, Superannuation, Tax

Sector lag for Div 296 assessments

The ATO’s assessment of Division 296 liabilities for SMSF members will hinge on when tax returns are filed and may lead to delays.

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Division 296, financial advice, Financial Planning, Insurance, SMSF, Superannuation, Tax

Revisit insurance set-up for Div 296

The treatment of insurance within an SMSF will need to be revisited as to determine the effect of policies on a member’s division 296 tax liability.

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Contributions, financial advice, Financial Planning, SMSF, Strategy, Superannuation, Tax

Reserving can’t sidestep Division 293

Combined superannuation contribution strategies will not create a method where SMSF members can avoid paying Division 293 tax.

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Administration, Compliance, SMSF, SuperStream

Doubt cast on Div 296 start date

The lack of action by large super funds to prepare for the Division 296 impost makes it likely it will not be applied this financial year.

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Division 296, Legislation, Regulation, Superannuation

Div 296 clause may extend tax reach

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, Division 296, parliamentary approval, Section 296-60, regulations, withdrawals, contributions, regulation, authority of parliament

An insertion into tax law as part of the proposed Division 296 measure may give the government a mechanism to extend its reach by regulation.

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