News : Legislation

Legislation, Tax

Senate urged to reject Div 296 bill

Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023 Senate Division 296 tax SMSF Association Unrealised capital gains

Independent senators have been called on to reject the proposed Division 296 tax bill, with the SMSF Association reiterating concerns over the taxation of unrealised gains.

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Legislation, Tax

Teals push for Div 296 changes

Division 296 tax SMSF Self-managed superannuation Teals Amendments Zoe Daniels Helen Haines Allegra Spender Kylea Tink

The teal independents have raised several concerns regarding the proposed Division 296 tax and called for urgent changes to mitigate its impact on SMSFs.

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Legislation, Regulation, Tax

Opposition moves to block tax agent changes

Tax Agent Services (Code of Professional Conduct) Determination 2024 Opposition Senate CAANZ

The opposition has called on the Senate to block the passage of proposed changes to the tax agent code of conduct as they are likely to impact small operators disproportionately.

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Legislation, Tax

Div 296 progress remains shaky

Division 296 tax SMSF Association Unrealised capital gains

The SMSF Association has reported support for the Division 296 tax bill in the Senate is not definite as the body continues to push for it to be scrapped or amended.

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Legislation, Tax

IFPA raises Div 296 protest again

Unrealised capital gains Division 296 tax IFPA Institute of Financial Professionals Australia Total superannuation balance

Strong objections and suggested better approaches to the proposed Division 296 tax have again been communicated to members of parliament by IFPA.

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Legislation, Superannuation, Tax

Use $3m tax to boost low balances

Division 296 tax LISTO Low income superannuation tax offset Deeming rate ASFA Association of Superannuation Funds of Australia

ASFA has called for some of the revenue to come from the proposed Division 296 tax to be used to boost the super balances of low-income earners.

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Compliance, Legislation, Regulation, Tax

Tax agent code change consultation opens

Consultation Tax agent Tax Practitioners Board TPB SMSF Association Tax Agent Services (Code of Professional Conduct) Determination 2024 Code of conduct

Consultation on changes to the code of conduct for tax agents has opened, with the TPB looking to have finalised guidance released by November.

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Death benefits, Legislation, Superannuation

Super bodies push for death benefit reform

Superannuation death benefit payments Violence Superannuation Industry (Supervision) Act Forfeiture rule ASFA Death benefits Forfeiture rule

A coalition of superannuation bodies has called for perpetrators of violence to be prevented from claiming their victim’s super benefits.

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Legislation, NALI/NALE, SMSFA

NALE laws create new cap

NALE NALC non-arm’s-length component non-arm’s-length expenditure SMSF Association Peter Burgess Taxable income Superannuation guarantee

The NALE laws have introduced a new cap that limits the application of penalties to ensure they do not exceed an SMSF’s taxable income.

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Legislation, Superannuation, Tax

Coalition will scrap Div 296 tax

Division 296 tax Luke Howarth

It has been confirmed the Division 296 tax will be revoked by the federal opposition should the coalition be returned to power at the next election.

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