News : Superannuation

SMSF, Superannuation, Tax

LRBAs off Division 296 table

SMSF, self managed super, Division 296, LRBA, limited recourse borrowing arrangement, Senate, Treasurer, Jim Chalmers, Greens, defined benefit schemes

The Treasurer has ruled out using LRBAs as a bargaining chip in seeking support in the Senate to pass the proposed Division 296 tax bill.

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SMSF, Superannuation, Tax

Don’t break laws avoiding super impost

SMSF, self managed super, Division 296, superannuation, withdrawal, McCullough Robertson, Hayley Mitchell, $3 million, condition of release, superannuation balance, asset valuations, legislation

SMSF members reducing their retirement savings balance below $3 million to avoid the Division 296 tax must remain within the super laws and avoid rash moves that breach them.

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Superannuation, Tax

Div 296 is a budget fix

SMSF, self managed super, Division 296, Treasurer, Jim Chalmers, budget, superannuation policy, CPA Australia, Richard Webb, indexation, superannuation, $3 million, taxing of unrealised gains

The Division 296 tax is being introduced as a budget repair measure and not as a long-term superannuation policy and will affect many more people than estimated.

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SMSF, Superannuation, Tax

Start-ups to suffer under Div 296

Division 296 tax, Geoff Wilson, Wilson Asset Management, SMSF, self managed super, self managed superannuation, unrealised capital gains, start-up enterprise, start-ups, sequencing risk,

Superannuant reaction to the Division 296 tax introduction will have a profound effect on start-up enterprises in the immediate future.

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ATO, SMSF, Superannuation

Trustee disqualification affirmed

SMSF trustee, disqualification, self managed super, self managed superannuation, Administrative Review Tribunal, ART, ATO, Omibiyi and Commissioner of Taxation, Oladokun Omibiyi, loan to members, SIS Act, contravention

An SMSF trustee who made more than 100 withdrawals from his fund has failed to have his disqualification overturned on appeal.

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Legislation, Pensions, SMSF, Superannuation

Legacy pension may force Div 296 strategy

Legacy pension, Division 296 tax, SMSF, self managed super, self managed superannuation, lump sum, $3 million, Heffron, Meg Heffron, complying lifetime pension, complying life expectancy pension, flexi pension, commutation, reserve allocation, total super balance, pension commutation

SMSF members with legacy pensions may need to act before 30 June this year to avoid being caught by the Division 296 tax.

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Administration, ATO, SMSF, Superannuation, Trusts

SIS Act main declaration retention guide

ATO, DBA Lawyers, Shaun Backhaus, self managed super, self managed superannuation, SMSF, SIS Act, SMSF trustee declaration, retention, guidance, Auditing and Assurance Standards Board, Guidance Statement 009, ATO QC 63436, declaration form, NAT 71089-06.2021

Official guidance on how long an SMSF trustee declaration should be retained differs from the letter of the law which should be the sole guide on this issue.

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ATO, Superannuation

ATO counters false super rule changes

False claims currently being circulated regarding changes to the superannuation drawdown rules have been rebutted by the ATO.

False claims currently being circulated regarding changes to the superannuation drawdown rules have been rebutted by the ATO.

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Appointments, Superannuation

SMSF Association welcomes new minister

SMSF Association, SMSFA, Dr Mulino, Anne Aly, Andrew Leigh, Financial Advice Association Australia, CPA Australia and the Financial Services Council, Jim Chalmers, Chartered Accountants ANZ, CAANZ, Ainslie van Onselen, SMSF Association, SMSFA,

The SMSF Association has welcomed the new Financial Services Minister highlighting the significance of size and status of the sector in the industry.

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