News : Superannuation

Contributions, Superannuation, Tax

Deduction claims based on fund receipt

self managed super, self managed superannuation, SMSF, superannuation, contribution, tax deductible, Institute of Financial Professional Australia, Natasha Panagis, ATO, private binding ruling, personal deductible contribution, notice of intent

Tax deductions for a super contribution are based on when a fund receives the money, with the ATO confirming late arrivals will not be considered.

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Contributions, Superannuation

Recontribution barred due to glitch

self managed super, self managed superannuation, SMSF, superannuation, recontribution strategy, new financial year, MLC, Scott Quinn, non-concessional contribution, bring-forward, Janet Manzanero-Caruana

A handful of people looking to use a recontribution strategy in the new financial year will be unable to do so under a birth date-related anomaly.

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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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Retirement, Superannuation

SG increase boosts retirement outlook

superannuation guarantee, comfortable retirement, Association of Superannuation Funds of Australia, ASFA, 12 per cent, Mary Delahunty

The increase in the superannuation guarantee has reached a level that will result in younger workers exceeding the comfortable retirement standard.

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ASIC, financial advice, Superannuation

Rollover-linked firm has licence cancelled

self managed super, self managed superannuation, SMSF, Australian Securities and Investments Commission, ASIC, Shield Master Fund, licence, cancelled, Financial Services Group Australia, Graham Holmes, banned, Ferras Merhi, investigation, First Guardian Master Fund

ASIC has cancelled the licence of a firm that provided advice regarding the Shield Master Fund and also banned its responsible manager.

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ATO, Regulation, Superannuation, Trusts

High Court can hear Bendel appeal

self managed super, self managed superannuation, SMSF, ATO, High Court appeal, unpaid present entitlements, UPE, Federal Court, Commissioner of Taxation v Bendel, unit trusts, loans, Division 7A, financial accommodation

The High Court has granted leave for the ATO to appeal the Bendel case decision related to the treatment of unpaid present entitlements.

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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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Division 296, SMSF, Superannuation, Tax

Minister meeting confirms no tax changes

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, SMSF Association, consultation, Division 296, Financial Services Minister, Daniel Mulino, alternative options, unrealised gains, Financial Advice Association Australia, FAAA, Sarah Abood, David Sharpe, Delivering Better Financial Outcomes, Compensation Scheme of Last Resort, Australian Financial Complaints Authority, wholesale investor

The SMSF Association has labelled Division 296 consultations that took place in 2023 as an endorsement process after meeting recently with the new Financial Services Minister.

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Division 296, LRBA, SMSF, Superannuation, Tax

LRBA carve-out inconsistent

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, limited recourse borrowing arrangements, LBRA, total super balance, TSB, Division 296, superannuation earnings, DBA Lawyers, Bryce Figot, $3 million threshold, explanatory memorandum

Plans to carve out LRBAs from the total super balance figures used to calculate Division 296 tax highlight the irregularities around their inclusion within TSBs.

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