News : Legislation

Legislation, SMSFA, Tax

Unrealised gains tax a dangerous precedent

SMSF Association Unrealised capital gains Division 296 tax

Taxing unrealised capital gains as part of the Division 296 impost could set a risky precedent, potentially causing significant ripple effects throughout Australia’s tax system.

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financial advice, Legislation

CSLR levy cost will pass to consumers

Financial advisers Compensation Scheme of Last Resort Funding

The costs imposed upon advisers to fund the compensation scheme of last resort conflict with the government’s aim to make financial advice more affordable and will be borne by consumers.

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Legislation, SMSFA

Div 296 tax a flawed, rushed policy

Unrealised capital gains SMSF Association Division 296 tax

Government plans to introduce a superannuation earnings tax for member balances over $3 million have been rushed and remain flawed despite industry feedback calling for change.

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Legislation, SMSFA, Tax

Call renewed to fix Div 296 error

SMSF Association Death Division 296 tax Defined benefit interests SMSF

A request has been made to amend what appears to be a noticeable error in the bill tabled to parliament to enable the introduction of the Division 296 tax.

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Auditing, Legislation, SMSF

SMSF loans and debts not the same

SMSF Loan Debt Borrowing audit The Auditors Institute Chris Ketsakidis Ketsa Coleman

There is a difference between a loan and a debt within an SMSF and different rules apply to them, requiring good documentation at the time of audit.

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Legislation, SMSFA, Tax

Senate Div 296 report pushed back

Division 296 tax Senate Economics Legislation Committee SMSF Association

A Senate committee report examining the proposed Division 296 tax will now come out in May after being pushed back by three weeks.

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Legislation, Tax

Better Div 296 model is available

Division 296 Unrealised capital gains Earnings calculation Total superannuation balance

The government can implement an additional super earnings tax, but do so without taxing unrealised gains by adopting a simpler method of calculating earnings.

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Legislation, Tax

Div 296 tax labelled a shocker

Division 296 tax Unrealised capital gains Double taxation Shadow treasurer Angus Taylor Government Opposition

The proposed Division 296 tax has been described as a shocking move by the government and an unindexed wealth tax on Australians.

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Legislation, Tax

New super tax will hit farmers hard

Farms Division 296 tax

Farms held within SMSFs will be heavily impacted by the Division 296 tax due to shifts in the value of underlying assets, with many viewing the impost as an attack on primary producers.

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Compliance, Legislation, SMSF, Tax

Asset value change a Div 296 risk

Division 296 tax Liability Asset valuations SMSF Refund

The unexpected variation in the value of assets held within SMSFs may expose trustees to a $3 million soft cap tax liability with little relief available to obtain a refund on any losses.

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