News

SMSF, Tax

Assistant minister fails basic maths on tax

An SMSF educator has noted errors made by an assistant minister about the Division 296 tax highlight its impact will be greater than first proposed.

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Contributions

Avoid post-return reallocations

Reallocating a contribution after financial statements have been lodged is unethical and may lead to penalties for those who engage in this behaviour.

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SMSF, Superannuation, Tax

Alternative Div 296 model possible

An alternative Division 296 calculation can used which does tax unrealised capital gains with an SMSF specialist noting it could be built around a model already in the bill.

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Investments, SMSF

Foreign stocks have increased SMSF appeal

SMSF trustees are looking to increase their investments in offshore markets to enjoy portfolio benefits from several different perspectives.

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SMSF, Superannuation, Tax

LRBAs off Division 296 table

The Treasurer has ruled out using LRBAs as a bargaining chip in seeking support in the Senate to pass the proposed Division 296 tax bill.

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NALI/NALE

Exact treatment for free trustee work

Care must be taken as to the treatment of an SMSF transaction where a trustee provides the fund with a professional service without charging for it.

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SMSF, SMSFA

New tax has not quelled growth

The latest ATO data indicates the growth of the SMSF sector has not been diminished by the proposed Division 296 tax.

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SMSF, Superannuation, Tax

Don’t break laws avoiding super impost

SMSF members reducing their retirement savings balance below $3 million to avoid the Division 296 tax must remain within the super laws and avoid rash moves that breach them.

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Contributions, Documentation, Investments

Hybrid asset acquisition allowable

An SMSF asset purchase can be executed using a payment from the fund and an in-specie contribution as long as a stipulated process is followed.

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Superannuation, Tax

Div 296 is a budget fix

The Division 296 tax is being introduced as a budget repair measure and not as a long-term superannuation policy and will affect many more people than estimated.

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