News : Legislation

Accounting, Legislation, SMSF, SMSFA

Early AML/CTF preparation urged

SMSF Association members have been encouraged to start preparing for anti-money laundering regime changes that will now capture accountants.

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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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Accounting, financial advice, Financial Planning, Legislation

Adviser exodus must be stopped

A call has been made for the federal government to take urgent action to prevent the reduction in adviser numbers becoming a crisis.

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Compliance, Legislation, Pensions, Regulation, SMSF, Strategy, Superannuation

Pension commutation debt waiver secured

Legacy pensions unwound under the five-year amnesty introduced in December last year will not lead to adverse social security outcomes.

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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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Legislation, Pensions, SMSF, Superannuation

Legacy pension may force Div 296 strategy

Legacy pension, Division 296 tax, SMSF, self managed super, self managed superannuation, lump sum, $3 million, Heffron, Meg Heffron, complying lifetime pension, complying life expectancy pension, flexi pension, commutation, reserve allocation, total super balance, pension commutation

SMSF members with legacy pensions may need to act before 30 June this year to avoid being caught by the Division 296 tax.

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Legislation, Tax

Revenue will drive Div 296 progress

$3 million, CFS, Craig Day, deemed earnings, Division 296, Division 296 tax, Earnings calculation, indexation, revenue, Total super balance, unrealised capital gains, self managed superannuation, self managed super, SMSF

The revenue that will come from the Division 296 tax is too significant for the government to drop the proposed measure, which will be used to fund its election promises.

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Legislation, SMSF, Superannuation

Fixing CSLR priority number one

CSLR, Financial Advice Association Australia, FAAA, Compensation Scheme of Last Resort, Sarah Abood, sector cap, Dixon Advisory, United Global Capital, CSLR levy, financial advisers, Shield Master Fund, First Guardian

Amending the CSLR has been identified as the most important financial advice-related issue the Labor government must address when parliament restarts.

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Legislation, Tax

Div 296 conversations need to resume

Division 296 tax, SMSF, SMSF Alliance, David Busoli, Senate, $3 million, total super balance

The result of the weekend’s federal election means practitioners should be preparing for renewed client conversations about the Division 296 tax.

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