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

SMSFs trustees face paying tax on both unrealised and realised capital gains as a result of the proposed Division 296 tax.

An Australian fund manager has received significant support for a petition opposing the proposed Division 296 tax it has just begun circulating.

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.