News : Division 296

Division 296, SuperStream, Tax

SMSFs will have to de-risk under new tax

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, Division 296, investment portfolio, small company, venture capital, unrealised capital gains, Wilson Asset Management, WAM, Geoff Wilson, innovation, trustees, de-risk

The Division 296 tax is likely to drive SMSFs away from small company investments, reducing the pool of capital available to them.

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Division 296, Superannuation, Tax

Div 296 can boost advice proposition

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The proposed Division 296 measure gives practitioners the opportunity to enhance their advice proposition through tax optimisation strategies.

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Death benefits, Division 296, Superannuation, Tax

Div 296 sparking death benefit discussions

self managed super, self managed superannuation, SMSF, death benefit tax, Division 296, Heffron, Meg Heffron, assets outside superannuation, tax

The Division 296 impost has prompted SMSF members looking at retaining assets in super to consider the tax impact of their death on their beneficiaries.

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Division 296, SMSF, Superannuation, Tax

Div 296 progress unconscionable

self managed super, self managed superannuation, SMSF, Division 296, Tax Institute, Julie Abdalla, unrealised gains, alternative model, consultation period

Government plans to push on with introducing the Division 296 impost completely disregard the input of key stakeholders and override the rules of equity in tax law.

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Accounting, Division 296, SMSF, Superannuation, Tax

Poll finds mixed support for Div 296

Division 296, superannuation, Australia Institute, poll, support, tax concessions, super balances, $3 million, Richard Denniss

A poll has found around half of Australians are in favour of the Division 296 tax, with many giving it strong support.

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Division 296, SMSF, Tax

Div 296 addbacks creating confusion

self managed super, self managed superannuation, SMSF, withdrawals, superannuation, Division 296, formula, earnings calculation, proportion of earnings, Heffron, Meg Heffron, addbacks

The addition of withdrawals into the Division 296 formula is causing confusion, but their inclusion should only be to calculate earnings.

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Division 296, ECPI, Pensions, Tax

Accumulation exits best for Div 296

Self managed superannuation fund, Self managed super, SMSF, total super balance, Division 296 tax, Division 296, withdrawals, accumulation, Colonial First State, Craig Day, exempt current pension income, ECPI

Drawdowns to manage the proposed Division 296 impost should be made from the accumulation interest of SMSF trustees to achieve an optimal tax outcome.

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Accounting, Division 296, SMSF, Tax

Reasons needed to avoid new tax

Self managed superannuation fund, Self managed super, SMSF, total super balance, TSB, Division 296 tax, Division 296, tax effect accounting, DBA Lawyers, Bryce Figot, pension, deferred income tax liability, scheme, scheme benefit, promoter penalty regime, scheme promoter

SMSFs should be wary of using tax-effect accounting to reduce the possible impact of the proposed Division 296 impost.

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Division 296, SMSF, Tax

Stop seeing Div 296 as super fund tax

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, Division 296 tax, fund tax, Heffron, Meg Heffron, superannuation tax, 15 per cent, 30 per cent, interest, rent, dividends, earnings, tax deduction

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.

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Division 296, SMSF, Superannuation, Tax

Personal injury a Div 296 escape

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, structured settlement contribution, personal injury contribution, Division 296, Colonial First State, Craig Day, total super balance, exclusion

Any individual who makes a superannuation contribution stemming from a personal injury insurance payment will not be captured by the Division 296 tax.

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