News : Division 296

Auditing, Division 296, Valuations

Div 296 hasn’t eased auditor obligations

SMSF auditors have been reminded their obligations to evaluate asset valuations and investment return allocations are critical under Division 296.

SMSF auditors have been reminded their obligations to evaluate asset valuations and investment return allocations are critical under Division 296.

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Contributions, Division 296

Blended funds cloud recontribution plans

Withdrawal and recontribution strategies as a Division 296 management approach need careful consideration with blended family SMSFs.

Withdrawal and recontribution strategies as a Division 296 management approach need careful consideration with blended family SMSFs.

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Division 296, Valuations

Sworn valuation provides best protection

Division 296 compliance standards can be better achieved if trustees obtain sworn valuations for fund assets as at 30 June 2027.

Division 296 compliance standards can be better achieved if trustees obtain sworn valuations for fund assets as at 30 June 2027.

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Division 296, Documentation, Superannuation, Tax

Div 296 reporting poses a dilemma

The obligations to report Division 296 earnings on the SMSF annual return are likely to present a quandary for trustees now and in the future.

The obligations to report Division 296 earnings on the SMSF annual return are likely to present a quandary for trustees now and in the future.

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Accounting, Division 296, SMSF, Tax

Tax-effect accounting more compelling

Tax-effect accounting should be more seriously considered to allow a more accurate calculation of a person’s TSB for Division 296 purposes.

Tax-effect accounting should be more seriously considered to allow a more accurate calculation of a person’s TSB for Division 296 purposes.

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Division 296, Strategy, Superannuation, Tax

Div 296 strategy not just about tax

Multiple factors apart from tax need to be considered when formulating a client strategy regarding the management of a Division 296 tax liability.

Multiple factors apart from tax need to be considered when formulating a client strategy regarding the management of a Division 296 tax liability.

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Division 296

Attribution certificate need clarified

More specificity has been provided in the final Division 296 regulations with regard to the need to obtain an attribution certificate for earnings.

More specificity has been provided in the final Division 296 regulations with regard to the need to obtain an attribution certificate for earnings.

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Division 296, Superannuation, Tax

Div 296 has marriage breakdown impact

Arrangements to facilitate family law splits upon relationship breakdowns may need reworking in light of the introduction of the Division 296 tax.

Arrangements to facilitate family law splits upon relationship breakdowns may need reworking in light of the introduction of the Division 296 tax.

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ATO, Auditing, Division 296, Valuations

Unlisted valuation proof more critical

Trustees will have to provide solid evidence for the valuation of assets, especially those that are unlisted, as the Division 296 regime begins.

Trustees will have to provide solid evidence for the valuation of assets, especially those that are unlisted, as the Division 296 regime begins.

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Accounting, Division 296, Tax

Division 296 status must be reported

SMSF accountants and tax agents with a full knowledge of a member’s super balances will be obliged to report if they will be assessed for Division 296.

SMSF accountants and tax agents with a full knowledge of a member’s super balances will be obliged to report if they will be assessed for Division 296.

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