Articles by Jason Spits

Property

Review business real property status

business real property status

The status of business real property is not set once, but will vary dependent on use and should be reviewed annually.

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LRBA

Time right for LRBA refinancing

LRBA refinancing

SMSF practitioners should be looking at the interest rates on clients’ LRBAs as many may be suitable for refinancing at lower rates.

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ATO, Documentation

ATO encourages early reporting

ATO early reporting

SMSFs should make early reports of events that impact a member’s transfer balance account which creates more clarity around the fund’s status.

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financial advice

Question complex client requests

complex SMSF plans

Advisers should ask clients to provide context for complex SMSF plans where they appear to be seeking approval for their actions.

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Documentation

A million directors still to apply for ID

director ID deadline

One million company directors have yet to apply for a director ID a week before the deadline to do so expires.

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Superannuation

Past rules should not dictate balance caps

cap large superannuation balances

A cap on superannuation balances would not penalise people who have taken advantage of past contribution rules, but counter their generous provisions.

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Death benefits, Pensions

Legacy pension benefits locked in from start

Legacy pension benefits

The treatment of death benefits from a legacy pension are likely to be predetermined, offering limited choices to the pension beneficiary.

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Superannuation

Uncapped balances unfair to taxpayer

uncapped superannuation balances

Uncapped superannuation balances are hard to argue for in a taxpayer-subsidised system and reduce consumer trust and confidence.

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ATO, Documentation

YourSuper tool recommended for wind-ups

YourSuper SMSF wind-up

The ATO has reminded SMSFs that are winding up they can use its superannuation fund comparison tool to find a new home for their fund benefits.

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Compliance, Regulation

Third option for bankrupt trustees

bankrupt SMSF trustees

Trustees may not have to exit their SMSF if declared bankrupt, with a court ruling implying reasons for bankruptcy may be a deciding factor.

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