Articles by Jason Spits

Estate Planning, Superannuation

Super use in tax estate planning overstated

superannuation tax estate planning

Claims superannuation is being used for tax-based estate planning are incorrect and reflect a misunderstanding of the super tax system.

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Superannuation, Tax

Super tax details a mixed blessing

superannuation earnings tax

A fact sheet outlining how the government will further tax earnings in superannuation balances over $3 million contains mixed results for SMSFs.

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financial advice

Client focus best action to prevent litigation

Client relationships

Advisers should focus on client management and not regulatory compliance to prevent litigation.

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NALI/NALE

NALE proposals misinterpret tax law

NALE tax law

The government’s NALE consultation paper is based on an incorrect interpretation of tax law, which does not allow the tax rate to exceed 45 per cent.

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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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