News : SMSF

ATO, Compliance, Investments, SMSF

Don’t classify gold, diamonds as collectibles

Gold and diamonds have never been considered collectible or personal-use assets and SMSFs should only classify them as physical assets.

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Division 296, SMSF, Tax, Valuations

Asset valuations unchanged for Div 296

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, asset valuation, Division 296, SIS Regulation 8.02B, market value, Accurium, Mark Ellem, total super balance, valuation guidelines

The asset valuation rules currently applicable to SMSFs will remain unchanged after the Division 296 tax is implemented.

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Property, SMSF, Trusts

13.22C trust utility overrides its complexity

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, 13.22C unit trust, restrictions, ownership of assets, BT, Bryan Ashenden, property, investment

While 13.22C trusts are complex, their use inside an SMSF can provide trustees with more flexibility around the use of underlying assets.

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Division 296, SMSF, Superannuation, Tax

Div 296 progress unconscionable

self managed super, self managed superannuation, SMSF, Division 296, Tax Institute, Julie Abdalla, unrealised gains, alternative model, consultation period

Government plans to push on with introducing the Division 296 impost completely disregard the input of key stakeholders and override the rules of equity in tax law.

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Accounting, Division 296, SMSF, Superannuation, Tax

Poll finds mixed support for Div 296

Division 296, superannuation, Australia Institute, poll, support, tax concessions, super balances, $3 million, Richard Denniss

A poll has found around half of Australians are in favour of the Division 296 tax, with many giving it strong support.

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Division 296, SMSF, Tax

Div 296 addbacks creating confusion

self managed super, self managed superannuation, SMSF, withdrawals, superannuation, Division 296, formula, earnings calculation, proportion of earnings, Heffron, Meg Heffron, addbacks

The addition of withdrawals into the Division 296 formula is causing confusion, but their inclusion should only be to calculate earnings.

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ASIC, financial advice, Investments, SMSF

ASIC moves against scheme operator

self managed super, self managed superannuation, SMSF, Australian Securities and Investments Commission, ASIC, managed investment scheme, asset preservation orders, Australian Fiduciaries Ltd

ASIC has moved to preserve assets held in a number of managed investment schemes that appear to have been pitched at SMSF investors.

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Accounting, Division 296, SMSF, Tax

Reasons needed to avoid new tax

Self managed superannuation fund, Self managed super, SMSF, total super balance, TSB, Division 296 tax, Division 296, tax effect accounting, DBA Lawyers, Bryce Figot, pension, deferred income tax liability, scheme, scheme benefit, promoter penalty regime, scheme promoter

SMSFs should be wary of using tax-effect accounting to reduce the possible impact of the proposed Division 296 impost.

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Division 296, SMSF, Tax

Stop seeing Div 296 as super fund tax

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, Division 296 tax, fund tax, Heffron, Meg Heffron, superannuation tax, 15 per cent, 30 per cent, interest, rent, dividends, earnings, tax deduction

Confusion around the details of the Division 296 impost can be overcome by separating what taxes are paid by an SMSF and what will be paid only under the proposed new tax regime.

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Division 296, SMSF, Superannuation, Tax

Personal injury a Div 296 escape

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, structured settlement contribution, personal injury contribution, Division 296, Colonial First State, Craig Day, total super balance, exclusion

Any individual who makes a superannuation contribution stemming from a personal injury insurance payment will not be captured by the Division 296 tax.

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