News : Legislation

Legislation, Tax

Treasurer’s Div 296 claims rebutted

The SMSF Association has rejected the latest justification Treasurer Jim Chalmers has made regarding contentious elements of the Division 296 tax.

The SMSF Association has rejected the latest justification Treasurer Jim Chalmers has made regarding contentious elements of the Division 296 tax.

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Business News, Legislation, SMSF, Superannuation

Early super release review possible

The recent spike in the early release of super benefits on compassionate grounds could lead to a revision of these rules in the near future.

The recent spike in the early release of super benefits on compassionate grounds could lead to a revision of these rules in the near future.

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Administration, Business News, Legislation, SMSF, Superannuation

Call made to stop super tampering 

A pre-election report has called on the future government to reform the tax system as a whole rather than just the superannuation component.

A pre-election report has called on the future government to reform the tax system as a whole rather than just the superannuation component.

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financial advice, Legislation, Regulation, SMSF, Superannuation, Trusts

Proof of transaction terms a concern

The procedures of SMSF auditors pertaining to transactions conducted at arm’s length have been recognised as an area of regulatory concern.

The procedures of SMSF auditors pertaining to transactions conducted at arm’s length have been recognised as an area of regulatory concern.

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Accounting, Legislation, SMSF, Superannuation, Tax

Board finalises conduct code guidance

Tax agents must adhere to eight new reforms finalised last month by the TPB, which is committed to supporting the transition via education.

Tax agents must adhere to eight new reforms finalised last month by the TPB, which is committed to supporting the transition via education.

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Investments, Legislation, SMSF, Superannuation

Proper CSLR process possibly omitted

New information obtained by the FAAA indicates the requirement to perform an analysis of the CSLR before its implementation may have been overlooked.

New information obtained by the FAAA indicates the requirement to perform an analysis of the CSLR before its implementation may have been overlooked.

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Legislation, Pensions, SMSF, Superannuation

Safe to act on legacy pensions now

SMSF members can act with confidence that any moves to exit a legacy pension now cannot be undone even if parliament winds back the changes later this year.

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Legislation

Crossbencher influence to increase

The influence of crossbenchers in the Senate will continue to be important when parliament resumes in February and is likely to be boosted following the looming federal election.

The influence of crossbenchers in the Senate will continue to be important when parliament resumes in February and is likely to be boosted following the looming federal election.

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Legislation, Tax

Slow Div 296 progress may delay start date

The slow progress of the Division 296 bill through parliament has eaten into the time set aside to prepare for its implementation, meaning its possible start date may also be pushed back.

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Legislation, Superannuation

Super objective will not reshape Div 296

superannuation, SMSF,

The government is likely to use the objective of super to promote the implementation of the Division 296 tax, stating it is consistent with its role as the defender of the retirement income system.

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