Articles by Jason Spits

Contributions

Check bring forwards to avoid blowout

bring-forward strategy, contributions, non-concessional contribution bring-forward strategy, total superannuation balance, TSB, MLC, Mark Gleeson, Financial Services and Credit Panel, FSCP

Checking that clients don’t have an existing bring-forward strategy in place is essential for advisers looking at maximising contributions and avoiding sizeable excesses.

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financial advice, Financial Planning, Superannuation

Collective advice model inequitable

Collective advice, superannuation funds, fee-for-no-service, Institute of Financial Professionals Australia, IFPA, Delivering Better Financial Outcomes, APRA funds, intra-fund advice, fee-for-service

Collectively charging super fund members for advice was unfair to those who did not use it and opened the door for a return of fee-for-no-service arrangements.

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SMSF, Superannuation

Low-balance in-specie payment possible

self managed superannuation, self managed super, SMSF, in-specie benefit payment, superannuation balance, Heffron, Annie Dawson, benefit cashing, benefit splitting, benefit redirection

An individual in an SMSF can receive an in-specie benefit payment if their balance is less than the value of the asset, but will need the support of another member to do so.

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Contributions, Superannuation

Don’t rush into bring-forward contributions

self managed superannuation, self managed super, SMSF, bring-forward contributions, bring-forward non-concessional contributions, low-income, three-year bring-forward, non-concessional contribution, NCC, MLC, Scott Quinn, spouse contribution, government co-contribution

Advisers should not rush to use bring-forward non-concessional contributions without first examining how a client can maximise other contributions in the current and future years.

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Contributions, Tax

Process key to catch-up contributions

MLC, Scott Quinn, tax, 

Individuals using carried forward unused portions of their concessional contributions cap must observe proper procedure or face an adverse outcome.

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Regulation, Superannuation

Smaller funds bear larger regulatory burden

Reform of the regulatory cost levies charged to APRA-regulated super fund members is needed as those in medium and smaller retirement savings vehicles pay more than those in large ones each year.

Reform of the regulatory cost levies charged to APRA-regulated super fund members is needed as those in medium and smaller retirement savings vehicles pay more than those in large ones each year.

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ATO, SMSF, Tax

Check entitlement with CSLR payments

SMSFs receiving a payment from the CSLR must first check whether the fund or members can receive it before deciding how to process it for tax purposes.

SMSFs receiving a payment from the CSLR must first check whether the fund or members can receive it before deciding how to process it for tax purposes.

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ATO, SMSF, Superannuation

Merchant Part IVA appeal dismissed

The founder of Billabong has been unsuccessful in overturning a ruling he breached the Part IVA rules in regards to share acquisitions carried out by his SMSF.

The founder of Billabong has been unsuccessful in overturning a ruling he breached the Part IVA rules in regards to share acquisitions carried out by his SMSF.

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Death benefits, Legislation, SMSF, Superannuation

Benefit dispute highlights SMSF value

DBA Lawyers, William Fettes, BDBN, AFCA, Federal Court, Richard Lynn, Australian Prudential Regulation Authority, APRA, SMSF death benefit, SMSF lawyer,

A death benefit payment that was ruled on by AFCA and the courts has demonstrated the advantages of nominations and succession planning inside an SMSF.

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ASIC, financial advice, Financial Planning, SMSF

Poor SMSF advice leads to $11m penalty

A licensee that provided cookie cutter advice about property investments via SMSFs has received a multi-million dollar fine.

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