Articles by Jason Spits

financial advice, Financial Planning, SMSF

Advised SMSFs increase as sector grows

SMSF, self managed super, financial advice, Vanguard, Investment Trends, SMSF trustees, Renae Smith, financial adviser, intergenerational wealth transfers, estate planning, unadvised SMSF, advised SMSF, life insurance

The ongoing growth of the SMSF sector has been matched by the number of funds receiving advice, but a major cohort still does not receive any form of professional help.

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Appointments

Shadow financial services minister named

Shadow financial services minister, Sussan Ley, Ted O'Brien, shadow treasurer, Pat Conaghan, shadow assistant treasurer, Luke Howarth, Jane Hume, Angus Taylor, Andrew Bragg, superannuation, first homes

The federal opposition will put forward new faces to represent the treasury and financial services portfolios in its parliamentary contests with the government.

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Documentation

All fund actions should be recorded

Self managed super, SMSF, documentation, arm’s length, superannuation law, ASF Audits, Shelley Banton, section 109, SIS Act, NALI, Division 296 tax, market valuations, sole purpose, financial assistance, in-house assets, non-arm's-length

Every action that takes place within an SMSF should be documented to show they all happened at arm’s length and were compliant with superannuation law.

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financial advice, Financial Planning

CSLR spends less than levy estimate

CSLR, levy, claims, financial advisers, Compensation Scheme of Last Resort, David Barry, Dixon Advisory and Superannuation Services

The slow rate of claims received by the CSLR means it will not use the full amount of levy collected from financial advisers.

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ATO, Compliance

Dishonesty not only disqualification criteria

SMSF, self managed super, Dishonesty, disqualification, trustee, disqualified person, dishonesty offence, convictions, ATO, civil penalty orders, bankrupt, ASIC, APRA, corporate trustee, waiver

The grounds that make it ineligible to act as an SMSF trustee extend past illegal acts, but may be waived if specific information is provided.

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Tax

Death benefits may trigger Div 296

Death benefits, Division 296, income streams, total super balance, $3 million threshold, SMSF, self managed super, TSB, DBA Lawyers, Shaun Backhaus, Division 296 calculations, proportion of earnings, reversionary pension

The Division 296 tax will require a review of income streams that push total super balances close to the $3 million threshold.

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SMSF, Tax

Assistant minister fails basic maths on tax

SMSF, self managed super, Division 296, concessional treatment, superannuation earnings, Accurium, Mark Ellem, Assistant Minister for Treasury, Andrew Leigh, $3 million, SMSF Professionals Day, tax rate, 30 per cent

An SMSF educator has noted errors made by an assistant minister about the Division 296 tax highlight its impact will be greater than first proposed.

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Contributions

Avoid post-return reallocations

SMSF, self managed super, contribution allocation, reallocation, annual return, false declaration, Heffron, Lyn Formica

Reallocating a contribution after financial statements have been lodged is unethical and may lead to penalties for those who engage in this behaviour.

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SMSF, Superannuation, Tax

Alternative Div 296 model possible

SMSF, self managed super, Division 296, calculation, unrealised capital gains, calculation, earnings, SMSF Alliance, David Busoli, total super balance, TSB, $3 million threshold, actual income

An alternative Division 296 calculation can used which does tax unrealised capital gains with an SMSF specialist noting it could be built around a model already in the bill.

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SMSF, Superannuation, Tax

LRBAs off Division 296 table

SMSF, self managed super, Division 296, LRBA, limited recourse borrowing arrangement, Senate, Treasurer, Jim Chalmers, Greens, defined benefit schemes

The Treasurer has ruled out using LRBAs as a bargaining chip in seeking support in the Senate to pass the proposed Division 296 tax bill.

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