Articles by Jason Spits

Downsizer

TSB tax may create downsizer caution

TSB tax downsizer

The use of downsizer contributions that increase a TSB will need to be considered in light of the proposed earnings tax based on that figure.

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Education, financial advice

Two-thirds pass latest adviser exam

Adviser exam February 2023

The pass rate for the ASIC adviser exam has climbed while the number of candidates sitting it has fallen away.

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Death benefits

Member benefit payment argument over

Member benefit payment

SMSFs will find it hard to debate the status of member benefits paid after a member dies given they will be aware of the timing of that event.

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Auditing

Trustees urged to provide audit evidence

SMSF trustees audit evidence

SMSF trustees have been reminded auditors will only work with the ievidence they are provided and valuation issues are their responsibility.

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Administration

Reporting change requires attention to detail

TBA reporting

The shift to quarterly reporting will require greater vigilance by SMSFs in recording events while removing the perception they can post-date decisions.

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Superannuation

Super satisfaction down, but SMSFs on top

superannuation satisfaction

SMSF members have continued to be the superannuation sector’s most satisfied fund members during a period when overall satisfaction has fallen.

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Investments, Strategy

Specialist firms launch strategy service

investment strategy service

Two specialist firms have launched a service to assist SMSFs create compliant investment strategies that match the specific aims and goals of a fund.

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Retirement

Cost of living continues to rise for retirees

cost of living

The cost of living for retirees increased by 7.5 per cent over the year, raising the level of super needed to fund a comfortable retirement.

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Superannuation, Tax

Super will remain best retirement vehicle

superannuation retirement savings

Superannuation will remain the best vehicle to manage retirement savings despite proposals to increase tax on earnings for some fund members.

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Pensions

TBC change offers pension fix opportunity

TBC pensions

The indexation of the transfer balance cap may create an opportunity for SMSF members to restructure pensions to reduce tax paid on those income streams.

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