Jason Spits

Sydney

Senior Journalist at SMS Magazine

Financial services journalist since 1999, senior journalist @smsmagazine at present - but views are my own.

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Articles

Legacy pension may force Div 296 strategy

2 days ago | smsmagazine.com.au | Jason Spits

Trustees looking to exit legacy pensions may have to act before the end of the current income year if they are set to receive a lump sum that would push their total super balance (TSB) past $3 million and make them exposed to the proposed Division 296 tax, an SMSF administrator has noted.
Question LRBA offset accounts

3 days ago | smsmagazine.com.au | Jason Spits

SMSF trustees and advisers should ask non-bank lenders offering limited recourse borrowing arrangements (LRBA) to provide them with details as to whether the loan has an offset account and what happens it is discharged, a senior sector executive has advised.
Penalties highlight member loan flaw

3 days ago | smsmagazine.com.au | Jason Spits

SMSF advisers who view a loan to a member as less serious than the illegal early access of benefits and use it to allow benefits to leave the super system are operating under a false perception which could lead to serious penalties for trustee clients, a technical specialist has said.
CMC safe-harbour needs proactivity

4 days ago | smsmagazine.com.au | Jason Spits

SMSF trustees planning on being overseas for any length of time should deal with who will run and operate their fund before they leave with an SMFS lawyer casting doubt on the effectiveness of the central management and control (CMC) safe-harbour test in cases of those who have already left the country.
New financial services minister appointed

4 days ago | smsmagazine.com.au | Jason Spits

A former member of the Victorian parliament and second-term federal member of parliament has been appointed as Assistant Treasurer and Minister for Financial Services in the returned Albanese Labor government. Prime Minister Anthony Albanese announced earlier today that Daniel Mulino would step into the role vacated by Stephen Jones who announced prior to the recent election he would retire from parliament.
Alliance aims for new retirement offerings

1 week ago | smsmagazine.com.au | Jason Spits

Fixed-income and annuity provider Generation Life has struck an alliance with global investment firm BlackRock to develop new retirement income products, with the latter taking a stake in parent company Generation Development Group.
Revenue will drive Div 296 progress

1 week ago | smsmagazine.com.au | Jason Spits

The federal government will push ahead with the proposed Division 296 tax, having committed to it during the election campaign and basing many of its policy promises on the revenue that will come from it, a senior technical specialist has claimed.
Scam call warning over benefit balances

1 week ago | smsmagazine.com.au | Jason Spits

The decrease in superannuation balances caused by global trade movements following the introduction of tariffs by the United States has led to fund members receiving phone calls offering a review of their retirement savings, according to CPA Australia. The accounting body stated that with the decline in balances, as many funds have exposure to global stock markets, it was becoming aware some superannuants were receiving unsolicited calls from parties offering to provide a ‘super health check’.
Div 296 start not tied to sitting days

1 week ago | smsmagazine.com.au | Jason Spits

The start of the new financial year is no barrier to the government passing and enacting the proposed Division 296 tax to start collecting revenue from 30 June 2026, according to a senior technical specialist.
Check bring forwards to avoid blowout

1 week ago | smsmagazine.com.au | Jason Spits

Advisers should be cautious when dealing with clients looking to use a non-concessional contribution (NCC) bring-forward strategy by checking they have not already started one or that their total superannuation balance (TSB) allows them to use it.