Articles by Jason Spits

Pensions

Debt waiver adjustment needed

SMSF Association, Department of Social Security, Centrelink, legacy pensions, Treasury, regulations, 

The debt waiver to be applied to the commutation of legacy pensions should be extended to ensure they retain their asset test exempt status.

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Auditing, Regulation, SMSF, Superannuation

New stakeholder in ASF Audits

ASF Audits, Fortitude, Nick Miller, Chris Atkins, Casey McGrath, Fortitude Investment Partners, Adelaide,

A private equity firm has taken a large stake in ASF Audits as one of its longest serving staffers announces his departure.

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ATO, Legislation, SMSF, Superannuation, Tax, Trusts

Avoid state trustees in estate plans

Cooper Grace Ward, Sarah Camm, Gainer, Clinton Jackson, Annual Adviser Conference, Brisbane, ATO,

State or public trustees should be avoided as a back-up plan in SMSF estate plans as they often don’t want the job and assigning it to them could breach superannuation laws.

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BDBNs, Estate Planning

Revised BDBNs must consider estate plan

binding death benefit nomination, BDBN, Cooper Grace Ward, Sarah Camm, Annual Adviser Conference, Brisbane,

Revisions to a BDBN must be made in reference to a member’s wider estate plan to prevent the nominations becoming confusing or conflicting with a will.

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ASIC

Regulators demand action from ASX

Australian Securities Exchange, ASX, Joe Longo, Reserve Bank of Australia, RBA, Michele Bullock, Australian Securities and Investments Commission, ASIC,

The RBA and ASIC have publicly reprimanded the ASX over a critical system failure last year, calling for more action to prevent a reoccurrence in the future.

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Documentation

Sidestep deeds filled with law

SMSF deeds, superannuation law, Cooper Grace Ward, Clinton Jackson, Re Gainer, legal personal representative, LPR, Sarah Camm

SMSF deeds using rules cut from super law should be avoided as they will force trustees into limited courses of action rather than providing flexibility for future changes.

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Administration, ATO, SMSF, Superannuation

Trustees warned on early access

The ATO has warned trustees they will be held accountable for members who access super without meeting a legitimate condition of release.

The ATO has warned trustees they will be held accountable for members who access super without meeting a legitimate condition of release.

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Contributions

Indexation glitch drops threshold

The increase in the SG rate, but the static nature of concessional caps will push down the maximum contribution base that applies to employers.

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SMSF, SMSFA, Tax

Budget confirms Div 296 still on the table

The federal government will take the Division 296 tax to the election given the budget contained no mention of the status of the proposed impost.

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ECPI

ECPI possible on pension of dead member

An SMSF where all the members have died and pensions reverted to the last person standing may be able to claim ECPI even if no minimum payments were made.

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