News : SMSF

Division 296, SMSF, Tax

Div 296 consultation claims refuted

Claims the government consulted widely but was not presented with an alternative Division 296 model have been rejected by an industry body.

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Division 296, Documentation, SMSF

Proposed tax necessitates SAR change

The reporting regime for SMSFs is having to be modified due to additional information that will be required for Division 296 tax calculations.

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Division 296, SMSF, Tax

SMSF double whammy from new tax

SMSFs trustees face paying tax on both unrealised and realised capital gains as a result of the proposed Division 296 tax.

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Division 296, SMSF, Tax

WAM initiates anti-Div 296 petition

An Australian fund manager has received significant support for a petition opposing the proposed Division 296 tax it has just begun circulating.

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Division 296, SMSF, Tax

Opposition refuses to budge on Div 296

Two members of the shadow cabinet have reiterated the coalition will not alter its stance in opposing the taxation of unrealised gains under the proposed Division 296 impost.

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financial advice, Financial Planning, SMSF, Tax

Greater advice tax deductibility for SMSFs

SMSF practitioners have the ability to present their clients with larger tax savings on financial advice due to the ATO’s jurisdiction over the SIS Act.

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SMSF, Tax

Future Div 296 indexation not a lock

Superannuants should not assume any future government will definitely introduce an indexation measure to the Division 296 tax legislation.

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financial advice, Financial Planning, SMSF

Advised SMSFs increase as sector grows

SMSF, self managed super, financial advice, Vanguard, Investment Trends, SMSF trustees, Renae Smith, financial adviser, intergenerational wealth transfers, estate planning, unadvised SMSF, advised SMSF, life insurance

The ongoing growth of the SMSF sector has been matched by the number of funds receiving advice, but a major cohort still does not receive any form of professional help.

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SMSF, Tax

Assistant minister fails basic maths on tax

SMSF, self managed super, Division 296, concessional treatment, superannuation earnings, Accurium, Mark Ellem, Assistant Minister for Treasury, Andrew Leigh, $3 million, SMSF Professionals Day, tax rate, 30 per cent

An SMSF educator has noted errors made by an assistant minister about the Division 296 tax highlight its impact will be greater than first proposed.

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SMSF, Superannuation, Tax

Alternative Div 296 model possible

SMSF, self managed super, Division 296, calculation, unrealised capital gains, calculation, earnings, SMSF Alliance, David Busoli, total super balance, TSB, $3 million threshold, actual income

An alternative Division 296 calculation can used which does tax unrealised capital gains with an SMSF specialist noting it could be built around a model already in the bill.

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