Articles by Jason Spits

NALI/NALE

Govt proposes NALE fix

NALE general expenses

The government has proposed that NALE breaches be ring-fenced and tax penalties applied only to any advantages gained within a fund.

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Pensions

Benefit redirections allowable

super benefit redirections

Super fund members can redirect benefit payments to other bank accounts despite some funds imposing artificial barriers to prevent these movements.

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ATO, Superannuation

ATO warns against SMSF promoters

SMSF promoters

Super fund members have been warned to avoid and report to the ATO anyone who promotes SMSFs as an early access scheme.

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Superannuation

Super to be opened for abuse compensation

superannuation abuse compensation

The government will allow court-ordered release of superannuation where a child sex abuser has used it to hid assets from compensation claims.

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Pensions

CSHC changes unlock older pensions

CSHC thresholds pensions

Higher income thresholds for the Commonwealth Seniors Health Card have opened the ability to make changes to older pensions without losing the card.

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Investments

Gold okay, but collectable status debatable

Gold collectable

An investment in physical gold must be specific to be classed as a collectable and a safer option may be to invest via a listed fund.

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Investments, Regulation

Sole purpose a gatekeeper for assets

sole purpose gatekeeper

The sole purpose test should be seen as a gatekeeper to prevent SMSFs from investing in assets that are unsuitable for the fund and members’ goals.

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Auditing

Auditors reminded to report SAN misuse

auditors SAN misuse

SMSF auditors have been reminded to alert the ATO to any misuse of their auditor number before the middle of next month.

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Contributions

Contribution splitting a slow-burn strategy

spouse contribution splitting

Spouse contribution splitting strategies can be useful for couples, but their impact is not immediate and can take several years to be seen.

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Trusts

Tread carefully on overpaid present entitlements

SMSF overpaid present entitlement

SMSFs receiving an overpaid present entitlement must step carefully to prevent it being treated as a borrowing and breaching superannuation law.

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