Articles by Jason Spits

Regulation, Superannuation, Tax

Ring-fence unrealised gains tax

Unrealised gains tax

The taxation of unrealised gains in superannuation should be ring-fenced to the proposed $3 million balance tax if the government presses ahead with its plans.

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Death benefits, Pensions

Reversionary pension boosts TBC planning

Reversionary pension and death benefit management

Converting a death benefit into a reversionary pension can reduce its impact on the TBA of a widowed spouse and create more time to manage how it will be used.

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Administration, SMSF, Trusts

Financials insufficient for some valuations

SMSF valuations

Audited financial statements do not provide sufficient information on which to base the valuation of unlisted securities or investments in a unit trust, but events during the financial year may provide the required data.

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Administration, SMSF, Strategy

Question capability before strategy

Investment strategy

SMSF advisers focused on creating an investment strategy for clients should perhaps firstly consider if an SMSF is even suitable for them.

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BDBNs, Death benefits, Pensions

Child pension can trump BDBN

Binding death benefit nomination

The creation of a child pension may create better tax outcomes for the beneficiaries of an SMSF member compared to a BDBN after the death of that member.

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Death benefits

Early death raises benefits questions

Death benefits

The ATO’s revised view regarding member benefits paid as death benefits raises questions about the early death of a member who had planned to make a member benefit payment.

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Auditing, Death benefits

Track death benefit payment delays

Death benefit delays

SMSF trustees should record any reasons that may prevent a death benefit being paid out to avoid auditor or ATO scrutiny around the delay.

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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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