Articles by Jason Spits

Pensions

Pre-emptive pension restart questionable

SMSF, self managed superannuation fund, self managed super, pension, minimum payment, ASF Audits, Shelley Banton, ATO, Taxation Ruling 2013/5, TR 2013/5, exempt current pension income, pre-emptive action, compliance, SIS Act

Plans to automatically commute and restart a failed pension may breach the law for trustees and advisers who implement them.

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AFCA, Investments

AFCA holds stance on wholesale investors

self managed super, self managed superannuation, SMSF, retail investor, $10 million, Australian Financial Complaints Authority, AFCA, Shail Singh, Patrick Hartney, wholesale investor, definition, SMSF trustee, financial service

AFCA has reiterated the wholesale investor test will only apply for an SMSF when it has more than $10 million and other assets are not considered.

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Contributions, Superannuation

Recontribution barred due to glitch

self managed super, self managed superannuation, SMSF, superannuation, recontribution strategy, new financial year, MLC, Scott Quinn, non-concessional contribution, bring-forward, Janet Manzanero-Caruana

A handful of people looking to use a recontribution strategy in the new financial year will be unable to do so under a birth date-related anomaly.

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Division 296, SMSF, Superannuation, Tax

Div 296 progress unconscionable

self managed super, self managed superannuation, SMSF, Division 296, Tax Institute, Julie Abdalla, unrealised gains, alternative model, consultation period

Government plans to push on with introducing the Division 296 impost completely disregard the input of key stakeholders and override the rules of equity in tax law.

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ATO, Pensions

ATO releases legacy pension guidance

self managed super, self managed superannuation, SMSF, ATO, commutation, legacy pensions, reserve allocations, SMSF Association, lifetime pension, life expectancy pension, market-linked pension, amnesty, guidance

New guidance from the ATO on commuting legacy pensions has been welcomed, but the SMSF Association says more detail is required.

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Accounting, Division 296, SMSF, Superannuation, Tax

Poll finds mixed support for Div 296

Division 296, superannuation, Australia Institute, poll, support, tax concessions, super balances, $3 million, Richard Denniss

A poll has found around half of Australians are in favour of the Division 296 tax, with many giving it strong support.

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Appointments, Business News, Crypto Assets

New SMSF digital asset body formed

self managed super, self managed superannuation, SMSF, digital assets, SMSF Innovation Council, Kate Cooper, OKX Australia, ASF Audits, Shelley Banton, frameworks

A cohort of industry experts has formed a new body to drive the uptake and use of digital assets within the SMSF sector.

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Auditing, Compliance, Documentation

Check existence of old declarations

self managed super, self managed superannuation, SMSF, SMSF auditors, trustee declaration, 10 years, auditor contravention report, ACR, DBA Lawyers, Bryce Figot, ATO, The Auditors Institute

Auditors need to check whether trustees still hold their declarations and take compliance action if they cannot be found.

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Retirement, Superannuation

SG increase boosts retirement outlook

superannuation guarantee, comfortable retirement, Association of Superannuation Funds of Australia, ASFA, 12 per cent, Mary Delahunty

The increase in the superannuation guarantee has reached a level that will result in younger workers exceeding the comfortable retirement standard.

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Division 296, SMSF, Tax

Div 296 addbacks creating confusion

self managed super, self managed superannuation, SMSF, withdrawals, superannuation, Division 296, formula, earnings calculation, proportion of earnings, Heffron, Meg Heffron, addbacks

The addition of withdrawals into the Division 296 formula is causing confusion, but their inclusion should only be to calculate earnings.

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