News : Legislation

Compliance, Division 296, Legislation, Tax

Indexation limits Div 296 relevance

The indexation of the Division 296 tax has created a built-in limit to how relevant the impost will be in the next decade.

The indexation of the Division 296 tax has created a built-in limit to how relevant the impost will be in the next decade.

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Compliance, Division 296, Legislation, Regulation, Tax, Valuations

Cost base adjustment not portable

The Division 296 cost base adjustment will be locked to an SMSF and will be unable to follow members if they leave under certain circumstances.

The Division 296 cost base adjustment will be locked to an SMSF and will be unable to follow members if they leave under certain circumstances.

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Compliance, Legislation, Regulation, Superannuation

Bankruptcy disqualifies trusteeship

SMSF trustees who have been declared bankrupt are required to relinquish any involvement in their superannuation fund.

SMSF trustees who have been declared bankrupt are required to relinquish any involvement in their superannuation fund.

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Death benefits, Legislation, Superannuation

Family abuse super reforms released

Consultation is being sought on reforms to prevent the perpetrators of domestic and family violence from accessing the superannuation of victims.

Consultation is being sought on reforms to prevent the perpetrators of domestic and family violence from accessing the superannuation of victims.

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Compliance, Division 296, Legislation, Tax

Div 296 ignores fraud loss

Super fund members who lose money because of fraud or failure will still be captured by the Div 296 assessment methodology.

Super fund members who lose money because of fraud or failure will still be captured by the Div 296 assessment methodology.

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Death benefits, Division 296, Legislation, Regulation, Superannuation, Tax

Div 296 death rules a critical change

The application of Division 296 to deceased superannuants is a critical change to the revised bill and may have a significant tax impact.

The application of Division 296 to deceased superannuants is a critical change to the revised bill and may have a significant tax impact.

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Accounting, Administration, Compliance, Documentation, Legislation, Regulation

Trust deed upgrades a fine line legally

Accountants must ensure they do not enter the realm of providing legal advice when engaging with their clients about upgrading an SMSF trust deed.

Accountants must ensure they do not enter the realm of providing legal advice when engaging with their clients about upgrading an SMSF trust deed.

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Division 296, Legislation, SMSFA, Superannuation, Tax

Concerns not addressed in new tax bill

The SMSF Association has flagged problems still remain in the Division 296 legislation that could create unintended consequences.

The SMSF Association has flagged problems still remain in the Division 296 legislation that could create unintended consequences.

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Division 296, Legislation, Superannuation, Tax

Revised Div 296 legislation introduced

The government has introduced the revised Division 296 tax legislation into parliament less than four weeks after consultation on it closed.

The government has introduced the revised Division 296 tax legislation into parliament less than four weeks after consultation on it closed.

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Contributions, Legislation, Superannuation

Super is one controllable wealth aspect

Superannuation is one element people can and should control when assessing their wealth accumulation strategy in a challenging economy.

Superannuation is one element people can and should control when assessing their wealth accumulation strategy in a challenging economy.

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