News : SMSFA

SMSFA, Tax

Div 296 now a ‘zombie measure’

The Division 296 tax bill is unlikely to progress any further through the Senate, but the government has yet to admit it is permanently stalled, the SMSF Association has told members.

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Regulation, SMSFA

Promoter penalty changes untested

SMSF Association Promoter penalty PSLA 2021/1 ATO

The SMSF Association has proposed more time is needed to evaluate the impacts of an updated penalty regime for promoters of tax exploitation schemes.

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Appointments, SMSFA

SMSF Association names new board members

SMSF Association Board Appointment Meg Heffron Lachlan Sue Brett Griffiths Meg Heffron

The SMSF Association has named Meg Heffron as one of three new board members as Deborah Ralston stands down after six years.

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Accounting, Legislation, SMSFA

AML rules should exempt SMSF addresses

Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 Counter-terrorism financing Anti-money laundering SMSF Corporate trustee Accountants Address

The anti-money laundering provisions should not view SMSFs using the address of an accountant in its official records as suspicious.

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ATO, SMSFA, Superannuation

Spike in super release for medical costs

Release of superannuation Compassionate grounds Medical treatment ATO Dental Weight-loss

Requests to access superannuation on compassionate grounds rose in 2023/24, with a notable lift in applications for dental and weight-loss treatments.

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SMSFA

New insurance partnership formed

SMSF Association BizCover Numerisk Partnership

The SMSF Association has joined with a broker and specialist insurance business to offer targeted cover to its members.

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Legislation, NALI/NALE, SMSFA

NALE laws create new cap

NALE NALC non-arm’s-length component non-arm’s-length expenditure SMSF Association Peter Burgess Taxable income Superannuation guarantee

The NALE laws have introduced a new cap that limits the application of penalties to ensure they do not exceed an SMSF’s taxable income.

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Legislation, SMSF, SMSFA, Tax

Unchanged Div 296 bill not certain

SMSF SMSF Association Self-managed superannuation Division 296 tax LRBA Limited recourse borrowing arrangement Peter Burgess Unrealised capital gains SMSF Association Technical Summit

The SMSF Association has predicted there is an even chance the proposed Division 296 tax bill will be amended over concerns relating to its calculation method and unrealised gains.

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Legislation, NALI/NALE, SMSFA

NALE law missing key elements

Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Act 2023 SMSF Association NALE Non-arm's-length expenditure

The recently passed law to clarify the NALE rules is an improvement over the previous regime, but several issues of concern remain unaddressed.

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Legislation, SMSF, SMSFA

Early election could delay Division 296 bill

SMSF Association Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) bill SMSF Self-managed superannuation Division 296 tax

The proposed Division 296 tax may not pass through parliament until 2025 if an election is announced in August.

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