News : Legislation

Compliance, Legislation, SMSF, Tax

Div 296 myths already present

Division 296 tax SMSF Myths

Myths regarding the operation of the proposed Division 296 tax are already evident and may cause unnecessary and flawed SMSF strategies.

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AAT, ATO, Compliance, Legislation, Regulation

Disqualification overturned despite breaches

AAT ATO Trustee disqualification SMSF Gordon Merchant

The AAT has overturned the disqualification as trustee of the founder of Billabong despite several breaches of superannuation laws.

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Legislation, LRBA, SMSF, Tax

LRBA ban key to Greens Div 296 vote

SMSF LRBA Division 296 Australian Greens

The Greens are calling for restrictions on the use of LRBAs by SMSFs as a condition for the party’s support for the Division 296 bill before parliament.

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Legislation, SMSF, Tax

Div 296 labelled an SMSF attack

Better Targeted Superannuation Concessions Division 296 Kylea Tink Michael Broadbent SMSF

Independent members of parliament have called the introduction of the Division 296 tax as an attack on SMSFs to force their members into other funds.

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Legislation, NALI/NALE, Superannuation, Tax

Progress of NALE bill uncertain

NALE non-arm’s length expenses Chartered Accountants Australia and New Zealand Tony Negline Parliament

Changes to the rules around non-arm’s length expenses may not pass parliament before 30 June raising doubts as to their application in the current financial year.

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Legislation, SMSF, SMSFA, Tax

Div 296 will hit more than 3500 farms

Division 296 tax Farms SMSF Primary production land Indexation

The SMSF Association has presented data to a Senate committee suggesting over 3500 farms will be impacted when the $3 million soft cap is introduced.

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Legislation, Superannuation, Tax

Pushing poor legislation through

Division 296 tax Unrealised capital gains Defined benefit schemes Senate Total superannuation balance

Parliament is about to introduce badly designed law regarding the proposed additional tax on super balances over $3 million and no one seems to care.

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Legislation, Property, Superannuation

Super for housing policy counterproductive

Association of Superannuation Funds Australia Super Members Council Super for housing Andrew Bragg

Enabling access to superannuation funds to aid first-time homebuyers will drive up house prices and lock those with smaller super balances out of the market.

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Legislation, SMSFA, Tax

Div 296 hearing disappointing

SMSF Association Division 296 tax Senate

The SMSF Association has labelled its time at a Senate inquiry into the proposed Division 296 tax as disappointing with limited time to address problems with the draft legislation.

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Legislation, Retirement, Superannuation

Product not the retirement income fix

Retirement income products Superannuation Actuaries Institute

A number of strategic elements must be combined rather than just product to formulate a satisfactory retirement income solution.

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