Articles by Jason Spits

Strategy, Superannuation

Rapid reserves drawdown possible

SMSF reserves drawdown

The speedy drawdown of reserves in an SMSF is possible by introducing new members with large balances or breaching cap rules.

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Estate Planning

Address death benefits at fund set up

death benefits establishment

The best time to address the payment of death benefits for SMSF members is at the time of the fund’s creation.

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Superannuation

ASFA proposes super bonus for new parents

ASFA super baby bonus

New parents who take time out of the workforce should be given a $5000 superannuation top-up to prevent their retirement savings falling short.

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Estate Planning, Superannuation

Fund membership not tied to lifespan

SMSF membership death

SMSF members should ensure fund membership endures after death if planning on using a third party to manage death benefit payments.

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Education

FPA rejects proposed experience pathway

FPA experience pathway

The FPA has rejected the proposed establishment of an experience pathway, but has called for the limited use of such a model if it is adopted.

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Administration, Documentation

SMSFA calls for TBC simplification

SMSFA TBC

All member transfer balance caps should be aligned to the general cap to reduce costs and confusion brought on by indexation, according to the SMSF Association.

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Education

AFA seeks greater recognition of experience

advisers recognition experience

Longevity in the industry should be considered when deciding how much study existing advisers must complete to remain in the industry.

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Contributions

Look past caps for reserve drawdown

SMSF reserve caps

SMSF reserves can be reduced by looking past contribution caps and using them to force cash into the hands of members.

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NALI/NALE

Push for government review of NALE rules

NALE rules review

The government must step in and take action on the application of the NALE rules to ensure they do not create negative unintended consequences.

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Compliance, Financial Planning

Compo scheme must include products to be fair

compensation scheme products

The exclusion of product manufacturers from the compensation scheme of last resort will unfairly shift costs and blame to advisers.

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