News : Division 296

Division 296, Pensions, SMSF, Tax

Ditch Div 296 for compulsory cashing

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, Division 296, compulsory cashing, Institute of Financial Professionals Australia, IFPA, Economic Reform Roundtable, tax concessions, retirement-phase pension, unrealised gains, Natasha Panagis

IFPA has claimed the reintroduction of compulsory cashing would reduce tax concessions in super and generate revenue for the government.

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Division 296, Superannuation, Tax

Retirees express super tax disappointment

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, Division 296, Australian Independent Retirees, unrealised capital gains, Wayne Strandquist, non-liquid assets, indexation

The government’s unrelenting position to not make any changes to the proposed Division 296 tax legislation is causing anguish among retirees.

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Division 296, Legislation, SMSF, Superannuation, Tax

Raising tax threshold a political risk

Doubt has been cast as to whether a future government would have the political courage to increase a non-indexed Division 296 tax threshold.

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Administration, Compliance, Division 296, Legislation, SMSF, Superannuation, Tax

Sector lag for Div 296 assessments

The ATO’s assessment of Division 296 liabilities for SMSF members will hinge on when tax returns are filed and may lead to delays.

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Division 296, financial advice, Financial Planning, Insurance, SMSF, Superannuation, Tax

Revisit insurance set-up for Div 296

The treatment of insurance within an SMSF will need to be revisited as to determine the effect of policies on a member’s division 296 tax liability.

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Contributions, Division 296, financial advice, Financial Planning, SMSF, Superannuation, Tax

NCCs not a Div 296 earnings element

Non-concessional contributions will not play a role in the calculation of earnings for the Division 296 tax for SMSF members.

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Division 296, Legislation, Regulation, Superannuation

Div 296 clause may extend tax reach

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, Division 296, parliamentary approval, Section 296-60, regulations, withdrawals, contributions, regulation, authority of parliament

An insertion into tax law as part of the proposed Division 296 measure may give the government a mechanism to extend its reach by regulation.

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Division 296, SMSF, Tax

Div 296 asset values can be reduced

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, Division 296, asset values, super balance, Institute of Financial Professionals Australia, IFPA, Natasha Panagis, termination value, total super balance, $3 million threshold, The Super Playbook 2025, property

Assets in an SMSF can be reported at a lower value for Division 296 purposes through using an alternative super balance figure.

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Division 296, SMSF, Tax, Valuations

Asset valuations unchanged for Div 296

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, asset valuation, Division 296, SIS Regulation 8.02B, market value, Accurium, Mark Ellem, total super balance, valuation guidelines

The asset valuation rules currently applicable to SMSFs will remain unchanged after the Division 296 tax is implemented.

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