Jason Spits

In a very long-awaited move the government has announced plans to allow #SMSF members to exit legacy pensions in a five year window that will open when draft regulations are approved. https://t.co/Ix7WSX39ci

RT @smsmagazine: SMSF trustees do not need a detailed breakdown of arm’s-length fees for any service charged to the fund, but will need to…

Normally the transfer balance cap is calculated using December CPI figures but inflation is still high enough to make that call now and it will rise to $2m. Question for retirees is whether to start an income stream now or wait for the new threshold.

SMS Magazine @smsmagazine

Inflation has risen enough to indicate the general transfer balance cap will increase again at the start of the of 2026 financial year. https://t.co/djVVMaxftu #SMSF #financialplanning #financialservices #ausbiz #accounting #superannuation #smsmagazine https://t.co/y6bkLyI2SZ

RT @smsmagazine: Specialist SMSF accounting firm SuperGuardian has had disciplinary action taken against it by the TPB for a code of conduc…

Seems we are back at square one in regards to NALI with the ATO ruling it will apply to all capital gains even if part of it was gained by non-arm's length dealings. This was the argument used in regards to general expenses but was changed after 5 years of debate.

SMS Magazine @smsmagazine

The ATO will continue to view all capital gains in an SMSF as NALI where some of it has been the result of non-arm’s-length dealings. https://t.co/NhLr2e7duc #SMSF #financialplanning #financialservices #ausbiz #accounting #superannuation #smsmagazine https://t.co/lBZnwb6d0R

A great read from my colleague Todd Wills on how SMSFs often lead and break new ground in the superannuation sector.

SMS Magazine @smsmagazine

Article of the Week: The leader of the pack The SMSF sector has led the superannuation industry for many years and continued evolution will be key to maintaining this position. https://t.co/XmUBU12Dn7 #SMSF #financialplanning #financialservices #ausbiz #accounting https://t.co/qW9zLSkgP9

RT @smsmagazine: 🎧 Stay informed with the latest SMSF news this week, brought to you by our senior journalist @JasonSpits at #TWTW. 💡 Ac…

NALE - the gift that keeps giving...more headaches and less certainty. Hopefully it takes less time to fix the gaps then it did to get this bill into law.

SMS Magazine @smsmagazine

The recently passed law to clarify the NALE rules is an improvement over the previous regime, but several issues of concern remain unaddressed. https://t.co/7CVReSmcrr #SMSF #financialplanning #financialservices #ausbiz #accounting #superannuation #smsmagazine https://t.co/IUEd2sxbUX

RT @smsmagazine: Starting a new job after having legally retired will not mean a person will lose the tax benefits from an existing income…

RT @smsmagazine: Benefits paid from a superannuation-funded life insurance policy do not have different status to other benefits, unless he…

While the Division 296 superannuation tax rules won't apply until 1/7/25 they may not be law at that time if an early election is called. It took 9.5 months for the NALE bill to become law & I suspect that's because the end of the financial year was looming. @SMSFassoc @smsfchick

SMS Magazine @smsmagazine

The proposed Division 296 tax may not pass through parliament until 2025 if an election is announced in August. https://t.co/0bGcCGl3Ms #SMSF #financialplanning #financialservices #ausbiz #accounting #superannuation #smsmagazine https://t.co/kjwJMzp76C

RT @smsmagazine: There are limited options to handle any late payments made to members of an SMSF in wind-up, requiring awareness of what i…

RT @smsmagazine: Event-based reporting imposed by the ATO has emerged as a significantly increasing challenge for advisers in servicing the…

RT @smsmagazine: SMSF trustees must follow ATO procedures before paying a Division 293 liability with monies from their superannuation fund…

RT @smsmagazine: Several different factors can restrict the ability of a person who is a death beneficiary and has an EPOA to exit the asse…

Always happy when we sign off and release another edition of @smsmagazine's e-mag. I take a look at lack of action around legacy pensions and @ToddWills03 covers why #SMSFs are really #superannuation sector leaders.

SMS Magazine @smsmagazine

The latest edition of selfmanagedsuper quarterly emagazine is out now: https://t.co/ooE2D2vuxw 🎉 Issue 46 of selfmanagedsuper: 💡 Assesses the problems continuing to adversely affect legacy pensions. 💡 Recognises the leadership role SMSFs have played within the https://t.co/o15M4HCbyD

RT @smsmagazine: 📣 Latest Selfmanagedsuper newsletter is out now! Get it here 👉 https://t.co/860xIqCYit #SMSF #financialplanning #financia…