Articles by Jason Spits

NALI/NALE, Pensions

Budget silent on NALI, pensions

Budget NALI legacy pensions

The status of changes to NALI and NALE and an amnesty to exit legacy pensions is unknown after the budget did not address these issues.

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Retirement

Health card, deeming rate changes introduced

health card deeming rates

The income threshold for the Commonwealth Seniors Health Card will increase, while deeming rates will be frozen as part of measures contained in the budget.

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Downsizer

Cost of downsizer age reduction revealed

downsizer age reduction

A further reduction in the eligibility age for downsizer contributions will cost the government very little each year, according to the budget papers.

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SMSF Awards

Top service providers recognised

SMSF service provider awards

The leading providers of services to SMSF trustees have been named in the sector’s longest-running awards presented by smstrusteenews and research house CoreData.

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Business news

Compliant funds will lose from balance limit

large superannuation balances cap

Placing a cap on SMSFs with large balances would punish funds that have and are operating under government-approved superannuation rules.

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ATO, Financial Advice

Adviser status needs checking

SMSF adviser status

SMSF trustees have been reminded to check the status of any advice provider they use in the establishment and running of their fund.

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Compliance & Regulation

Regulator bans 250 trustees

SMSF trustees disqualified

More than 160 SMSF trustees were disqualified in the second half of the last financial year, with over 250 disqualified across the whole year.

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Contributions

Variations only for smaller deductions

personal deductible contributions variations

A notice of intent for personal deductible contributions can only be varied downwards and revised timeframes may apply.

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Investments

Expected returns lower over next five years

investment returns five years

Investment returns will likely be below historical averages for the next five years due to a number of global economic and political factors.

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Economy, Strategy

Inflation may drive TBC up

inflation transfer balance cap

The transfer balance cap may increase to $1.9 million via the second application of indexation measures driven by the current inflation levels.

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