Articles by Jason Spits

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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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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