News : SMSF

Division 296, SMSF, Superannuation, Tax

Case law may ease Div 296 severity

Practitioners might be able to apply some case law in order to reduce a significant Division 296 tax liability a client might be facing.

Practitioners might be able to apply some case law in order to reduce a significant Division 296 tax liability a client might be facing.

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Division 296, SMSF, Superannuation, Tax

Reserves treatment adds to tax deferral call

The treatment of reserve allocations under Division 296 needs to be clarified and fixed, adding weight to the call to defer the start of the new tax.

The treatment of reserve allocations under Division 296 needs to be clarified and fixed, adding weight to the call to defer the start of the new tax.

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Contributions, SMSF

Rollovers are residency test trap

Rollovers made into an SMSF by members who are overseas residents will be considered a contribution for residency test purposes.

Rollovers made into an SMSF by members who are overseas residents will be considered a contribution for residency test purposes.

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ART, financial advice, Financial Planning, SMSF

SMSF adviser’s 10-year ban upheld

The Administrative Review Tribunal has upheld a decision to impose a 10 year ban on an adviser who spruiked SMSFs to buy into risky investments.

The Administrative Review Tribunal has upheld a decision to impose a 10 year ban on an adviser who spruiked SMSFs to buy into risky investments.

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Division 296, SMSF, Superannuation, Tax

Admin amendments needed for Div 296

Certain payments, such as those pertaining to a personal injury, will require proper treatment to avoid an erroneous Division 296 tax liability.

Certain payments, such as those pertaining to a personal injury, will require proper treatment to avoid an erroneous Division 296 tax liability.

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Estate Planning, SMSF, Superannuation

Avoid cookie-cutter estate plans

Trustees should be warned from using estate plans that deal with SMSFs under a will as they are unlikely to be suitable in most cases.

Trustees should be warned from using estate plans that deal with SMSFs under a will as they are unlikely to be suitable in most cases.

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Division 296, SMSF, Superannuation, Tax

Division 296 tax called out as un-Australian

The proposed Division 296 tax has been labelled as running counter to the accepted ethos of traditional Australian society.

The proposed Division 296 tax has been labelled as running counter to the accepted ethos of traditional Australian society.

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Accounting, Compliance, financial advice, Financial Planning, SMSF

Avoid direction in unlicensed advice

Unlicensed SMSF practitioners must not influence clients to act, but can provide operational information around the creation and running of a fund.

Unlicensed SMSF practitioners must not influence clients to act, but can provide operational information around the creation and running of a fund.

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Division 296, SMSF, Superannuation, Tax

Sitting days may hamper Div 296 progress

A limited number of parliamentary sitting days may delay the start of the proposed Division 296 tax, opening the door to changes.

A limited number of parliamentary sitting days may delay the start of the proposed Division 296 tax, opening the door to changes.

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Commercial Property, Property, SMSF, Trusts

Next generation not a property fix

Including younger generations as members of an SMSF is unlikely to solve any problems arising from holding business real property in a fund.

Including younger generations as members of an SMSF is unlikely to solve any problems arising from holding business real property in a fund.

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