Articles by Jason Spits

Legislation, Pensions, SMSF, Superannuation

Legacy pension may force Div 296 strategy

Legacy pension, Division 296 tax, SMSF, self managed super, self managed superannuation, lump sum, $3 million, Heffron, Meg Heffron, complying lifetime pension, complying life expectancy pension, flexi pension, commutation, reserve allocation, total super balance, pension commutation

SMSF members with legacy pensions may need to act before 30 June this year to avoid being caught by the Division 296 tax.

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ATO, Compliance, Regulation

Penalties highlight member loan flaw

Smarter SMSF, education, Tim Miller, ATO, The Auditors Institute,

Advisers viewing financial assistance to members as a lesser issue than illegal access should examine the related penalties and cease recommending it.

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Appointments

New financial services minister appointed

A former Victorian politician who moved into federal parliament in 2019 has been named as the new financial services minister.

A former Victorian politician who moved into federal parliament in 2019 has been named as the new financial services minister.

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SMSF, Superannuation

CMC safe-harbour needs proactivity

Trustees must be cautious about who will run their fund while they are overseas for an extended period and should act on this before departing.

Trustees must be cautious about who will run their fund while they are overseas for an extended period and should act on this before departing.

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Legislation, Tax

Revenue will drive Div 296 progress

$3 million, CFS, Craig Day, deemed earnings, Division 296, Division 296 tax, Earnings calculation, indexation, revenue, Total super balance, unrealised capital gains, self managed superannuation, self managed super, SMSF

The revenue that will come from the Division 296 tax is too significant for the government to drop the proposed measure, which will be used to fund its election promises.

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Business News, Retirement

Alliance aims for new retirement offerings

An Australian investment solutions provider has teamed with a global investment firm and begun work on developing new retirement income products to deal with longevity risk.

An Australian investment solutions provider has teamed with a global investment firm and begun work on developing new retirement income products to deal with longevity risk.

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Superannuation, Tax

Div 296 start not tied to sitting days

The ability of the government to pass the Division 296 tax bill through parliament may have little effect on the date it actually starts, which may be as soon as the new financial year.

The ability of the government to pass the Division 296 tax bill through parliament may have little effect on the date it actually starts, which may be as soon as the new financial year.

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Superannuation

Scam call warning over benefit balances

An accounting body has alerted practitioners and consumers to avoid engaging with unsolicited callers who are using market volatility to offer reviews of superannuation fees and investments.

An accounting body has alerted practitioners and consumers to avoid engaging with unsolicited callers who are using market volatility to offer reviews of superannuation fees and investments.

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SMSF, Tax

Urgent Div 296 action not required

The possibility of the Division 296 tax being passed into law does not mean immediate action should be taken to sidestep it given its impact is more than a year away.

The possibility of the Division 296 tax being passed into law does not mean immediate action should be taken to sidestep it given its impact is more than a year away.

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