Articles by Jason Spits

Superannuation

Necessary super changes welcomed

superannuation changes budget

The superannuation and retirement income sector has welcomed changes announced in the budget as necessary without being too disruptive.

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Regulation, Retirement

Work test to go in mid-2022

work test contributions

The work test on non-concessional contributions will cease from mid-2022 as the government seeks to boost the retirement savings of older Australians.

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Contributions

Downsizer extended to 60 year olds

downsizer contribution extended

The downsizer contribution scheme will be extended to now start from age 60, with the government claiming the move will free up housing for younger people.

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Documentation

Paper trail best defence against creditor claims

contributions bankruptcy creditors

SMSF trustees need to document any contribution to prove what is legitimate and not an effort to hide assets during a time of bankruptcy.

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FASEA

FASEA exam numbers grow as pass rate falls

FASEA exam numbers

High numbers of advisers have undertaken the most recent FASEA exam, but the pass rate has continued to fall.

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Strategy

Bankruptcy can hit fund withdrawals

Bankruptcy SMSF withdrawals

The timing of a withdrawal from an SMSF with a bankrupt trustee can determine whether creditors have access to those funds.

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Contributions, Superannuation

Pre-budget announcements get early support

budget super announcements

Changes to the downsizer contribution scheme and work test, announced prior to tomorrow’s budget, will boost superannuation balances, according to an industry body.

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Pensions

Prepare for pension despite uncertainty

pension drawdown

SMSF members drawing a pension should still be making plans for the next financial year, despite being uncertain as to what levels the minimum drawdown amount may be set at.

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Administration, Technology

Admin provider beefs up contributions tool

SMSF alliance contributions tool

SMSF Alliance has made changes to its contribution reporting system allowing advisers an overview of an SMSF client’s total input into their fund.

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Documentation

Death benefit control better via will

death benefit will

SMSF members wishing to control how a death benefit will be used after their passing should look past a binding death benefit nomination and consider a trust within their will.

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