News

Division 296, ECPI, Pensions, Tax

Accumulation exits best for Div 296

Self managed superannuation fund, Self managed super, SMSF, total super balance, Division 296 tax, Division 296, withdrawals, accumulation, Colonial First State, Craig Day, exempt current pension income, ECPI

Drawdowns to manage the proposed Division 296 impost should be made from the accumulation interest of SMSF trustees to achieve an optimal tax outcome.

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Compliance, Contributions, NALI/NALE

NALI sidestep may breach other rules

Self managed superannuation fund, Self managed super, SMSF, trustee, NALI, reimbursement, fund expenses, non-arm’s-length, ASF Audits, Shelley Banton, property, deposit, contribution, non-arm’s-length income, NALI, compliance breach, auditor contravention report, ACR

An SMSF reimbursing a trustee for fund expenses may avoid NALI, but can create other breaches under superannuation law.

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Accounting, Division 296, SMSF, Tax

Reasons needed to avoid new tax

Self managed superannuation fund, Self managed super, SMSF, total super balance, TSB, Division 296 tax, Division 296, tax effect accounting, DBA Lawyers, Bryce Figot, pension, deferred income tax liability, scheme, scheme benefit, promoter penalty regime, scheme promoter

SMSFs should be wary of using tax-effect accounting to reduce the possible impact of the proposed Division 296 impost.

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ASIC, Compliance, financial advice

ASIC moves against 18 finfluencers

Australian Securities and Investments Commission, ASIC, warning, social media, finfluencers, unlicensed financial advice, Alan Kirkland, contracts for difference, over-the-counter derivatives

The corporate watchdog has served warning notices to 18 individuals as part of a global crackdown on unlawful ‘finfluencer’ activity.

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Documentation, Investments, Trusts

Past borrowings okay for 13.22C trusts

A unit trust or company can have previously employed a borrowing arrangement and still allow for an exempt SMSF in-house asset investment under SIS Regulation 13.22C.

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Division 296, SMSF, Tax

Stop seeing Div 296 as super fund tax

Confusion around the details of the Division 296 impost can be overcome by separating what taxes are paid by an SMSF and what will be paid only under the proposed new tax regime.

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Compliance, NALI/NALE, Regulation

Law clear on arm’s-length status

How parties can deal with each other on arm’s-length terms is not confusing as super law has clear parameters on what is expected during SMSF transactions.

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Documentation, Estate Planning, Trusts

Trustee death requires creative response

When the sole director of a corporate trustee dies, advisers will need to consider what options are available to allow the fund to be wound up.

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Division 296, SMSF, Superannuation, Tax

Personal injury a Div 296 escape

Any individual who makes a superannuation contribution stemming from a personal injury insurance payment will not be captured by the Division 296 tax.

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Division 296, SMSF, Superannuation, Tax

Minister meeting confirms no tax changes

The SMSF Association has labelled Division 296 consultations that took place in 2023 as an endorsement process after meeting recently with the new Financial Services Minister.

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