Articles by Jason Spits

NALI/NALE, Pensions

Budget silent on NALI, legacy pensions

budget NALI legacy pensions

The status of changes to non-arm’s-length income and expenditure and an amnesty to exit legacy pensions remains unknown after the government failed to address these issues in the budget.

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Downsizer

Cost of downsizer age reduction revealed

downsizer age reduction

A further reduction in the eligibility age for downsizer contributions will cost the government very little each year, according to the budget papers.

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Retirement

Health card, deeming rate changes introduced

deeming rates

The income threshold for the Commonwealth Seniors Health Card will increase, while deeming rates will be frozen as part of measures contained in the budget.

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SuperStream

SuperStream shifts rollover responsibility

SuperStream compliance

SuperStream has shifted most of the compliance work for a rollover to the transferring fund, creating the issues it is currently experiencing.

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Retirement

Inflation, longevity eating retirement income

Inflation longevity retirement

Longer lifespans and higher inflation may lead to retirees being caught short of income to fund the full term of their retirement.

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ATO

ATO set to disqualify non-lodging tax agents

tax agents SMSF trustees

Hundreds of tax agents who are SMSF trustees face disqualification for failing to lodge an annual return unless they urgently engage with the ATO.

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Superannuation

Large balance cap punishes compliant funds

balances cap SMSFs

Placing a cap on SMSFs with large balances would punish funds that have and are operating under government-approved superannuation rules.

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Investments

Investment control not leading to more trades

SMSF investments control

SMSFs set up for the purposes of investment control tend to trade at the same rate as those established for other reasons.

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Pensions

Limits to pension payments a myth

death benefit pension

Claiming a death benefit cannot be paid as a pension with a reversion in place is a common myth that limits estate planning options.

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Compliance, Documentation

Govt launches director ID campaign

director ID campaign

The government will run an awareness campaign to ensure company directors have applied for a director ID number before the end of next month.

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