News : Tax

Division 296, ECPI, Pensions, Tax

Accumulation exits best for Div 296

Self managed superannuation fund, Self managed super, SMSF, total super balance, Division 296 tax, Division 296, withdrawals, accumulation, Colonial First State, Craig Day, exempt current pension income, ECPI

Drawdowns to manage the proposed Division 296 impost should be made from the accumulation interest of SMSF trustees to achieve an optimal tax outcome.

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Accounting, Division 296, SMSF, Tax

Reasons needed to avoid new tax

Self managed superannuation fund, Self managed super, SMSF, total super balance, TSB, Division 296 tax, Division 296, tax effect accounting, DBA Lawyers, Bryce Figot, pension, deferred income tax liability, scheme, scheme benefit, promoter penalty regime, scheme promoter

SMSFs should be wary of using tax-effect accounting to reduce the possible impact of the proposed Division 296 impost.

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Division 296, SMSF, Tax

Stop seeing Div 296 as super fund tax

Confusion around the details of the Division 296 impost can be overcome by separating what taxes are paid by an SMSF and what will be paid only under the proposed new tax regime.

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Division 296, SMSF, Superannuation, Tax

Personal injury a Div 296 escape

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

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

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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Division 296, SMSF, Superannuation, Tax

Half a million may be hurt by new impost

New analysis by the Financial Services Council has calculated the full impact of the proposed superannuation tax under four different scenarios.

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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, 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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