Articles by Jason Spits

LRBA

LRBA offsets can create breach

LRBA offset

LRBAs with offset accounts may breach super laws if they create a charge over the fund with caution advised regarding non-bank loans.

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Pensions

Pension tax strategies impact TBC

pension tax TBC

Pension commutation strategies used to minimise tax in the accumulation phase may limit the level of indexation that applies to a personal TBC.

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SMSF, Superannuation

TSB used to level playing field

Treasury has admitted the use of the TSB to levy a proposed earnings tax was chosen to prevent people moving funds to sidestep the tax.

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ATO, Compliance

ATO gives trustees six months to comply

ATO SMSF rectification

SMSF trustees ordered by the ATO to rectify a contravention will have six months to do so before being hit with a significant administrative penalty.

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SMSFA, Superannuation, Tax

TSB tax consultation paper released

TSB tax consultation paper

Treasury has opened a consultation on the planned $3 million TSB earnings tax, with the SMSF Association noting the tax is a blunt instrument.

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Superannuation, Tax

Earnings tax calculator highlights inequity

Earnings tax calculator

An online tool comparing the calculation of proposed superannuation earnings tax with other methods reveals it will not be an equitable solution.

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Pensions

Act fast for clients turning 65

TBC indexation

SMSF advisers need to act fast to help clients turning 65 before 1 July make the most of the indexation of the transfer balance cap to $1.9 million.

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Investments

Highlight non-investment risks in SMSFs

non-investment risks SMSFs

SMSF trustees must be advised risks there are non-investment risks within their fund and its administration can also create compliance risks.

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Auditing

Auditors will red-flag loans lacking evidence

auditors loans evidence

SMSFs with loans that lack evidence of how they can be recovered are likely to be red-flagged by auditors seeking to protect themselves from legal action.

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ATO, Documentation

ATO disclosure forms updated

ATO voluntary disclosure

The ATO will now require trustees to sign off on voluntary disclosure forms when reporting unrectified regulatory contraventions.

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