Articles by Jason Spits

Division 296, LRBA, SMSF, Superannuation, Tax

LRBA carve-out inconsistent

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, limited recourse borrowing arrangements, LBRA, total super balance, TSB, Division 296, superannuation earnings, DBA Lawyers, Bryce Figot, $3 million threshold, explanatory memorandum

Plans to carve out LRBAs from the total super balance figures used to calculate Division 296 tax highlight the irregularities around their inclusion within TSBs.

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Division 296, SMSF, Tax

Div 296 consultation claims refuted

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, consultation, unrealised capital gains, Division 296, Institute of Financial Professionals Australia, IFPA, Natasha Panagis, submissions, Senate Economics Legislation Committee, Jim Chalmers, alternative model, terms of reference

Claims the government consulted widely but was not presented with an alternative Division 296 model have been rejected by an industry body.

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Pensions, Regulation

Legacy pension debt waiver still pending

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, commutation, legacy pension, asset test exemption, Heffron, Leigh Mansell, amnesty, legislative instrument, debt waiver, Centrelink, age pension entitlements, disallowance period

While SMSF members have been able to commute legacy pensions since late last year, the regulations waiving Centrelink debts are still not operational.

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Business News, Fixed Income

AUSIEX completes FIIG purchase

Australian Investment Exchange, AUSIEX, FIIG Holdings, Nomura Research Institute, Patrick Salis, acquisition

Investment platform AUSIEX has completed the purchase of fixed-income provider FIIG just over a month after announcing its plans.

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Division 296, SMSF, Tax

Opposition refuses to budge on Div 296

Two members of the shadow cabinet have reiterated the coalition will not alter its stance in opposing the taxation of unrealised gains under the proposed Division 296 impost.

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financial advice, Financial Planning

Demand for advice, reforms remains high

High numbers of consumers want access to advice and support government action to reduce its cost and complexity.

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Superannuation

AMP tweaks super to boost pension

AMP has made a change to the operation of its retail super products that may boost age pension payments when its fund members retire.

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ATO, Auditing, Compliance

Audit guidance reissued by ATO

SMSF, self managed super, audit, SMSF auditors, guidance, ATO, Part B, SIS Act, SIS Regulations, SMSF trustees, auditor contravention report, ACR

The ATO has released a lengthy guide on what it expects SMSF auditors to consider, noting these requirements are its minimum expectations.

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ETFs, Investments

BlackRock to launch US equity active ETF

BlackRock Australia, active ETF, exchange-traded fund, iShares US Factor Rotation Active ETF, IACT, Tamara Haban-Beer Stats, Philip Hodges

BlackRock Australia will release a local version of a US-focused active ETF that has delivered strong returns on a rolling basis in that market.

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ATO, Compliance

Trustee disqualifications track downwards

SMSF, self managed super, ATO, disqualifications, SMSF trustees, Disqualified Trustee Register, Federal Register of Legislation, SMSF Association, non-compliance, superannuation laws

New ATO figures have shown the number of SMSF trustees disqualified this financial year is tracking to be lower than the previous 12 months.

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