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.

Claims the government consulted widely but was not presented with an alternative Division 296 model have been rejected by an industry body.

Two members of the shadow cabinet have reiterated the coalition will not alter its stance in opposing the taxation of unrealised gains under the proposed Division 296 impost.