News : Tax

Division 296, SMSF, Superannuation, Tax

Div 296 cost base reset flawed

The government has adopted a blanket approach to resetting the cost base of assets that may be liable to Division 296 tax, highlighting a further flaw in its revised bill.

The government has adopted a blanket approach to resetting the cost base of assets that may be liable to Division 296 tax, highlighting a further flaw in its revised bill.

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ATO, Superannuation, Tax

Release authority compliance an issue

Compliance with release authorities is causing some worry for the ATO with the communiques being ignored or not properly followed.

Compliance with release authorities is causing some worry for the ATO with the communiques being ignored or not properly followed.

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Division 296, Investments, Superannuation, Tax

Franking credits a Div 296 worry

CPA Australia has raised its concerns over the treatment of franking credits in the calculation of revenue for the proposed Division 296 tax.

CPA Australia has raised its concerns over the treatment of franking credits in the calculation of revenue for the proposed Division 296 tax.

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Division 296, SMSFA, Superannuation, Tax

Div 296 bill needs more refinement

The revised Division 296 bill should be made less complex and avoid a new range of unintended consequences that have arisen in its second iteration.

The revised Division 296 bill should be made less complex and avoid a new range of unintended consequences that have arisen in its second iteration.

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Administration, Tax

SMSF admin firm expands into tax advice

Olivia Long has expanded the services offered to SMSFs, opening a new tax business alongside her administration firm.

Olivia Long has expanded the services offered to SMSFs, opening a new tax business alongside her administration firm.

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ATO, Compliance, Regulation, Tax

A significant compliance overhaul

The updated AML/CTF regulations will significantly change compliance obligations for more professionals including those servicing SMSFs.

The updated AML/CTF regulations will significantly change compliance obligations for more professionals including those servicing SMSFs.

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Compliance, Division 296, Legislation, Regulation, Tax

System neutrality needed for Div 296

System neutrality is the one element the SMSF Association would like to see with regard to the implementation of the proposed Division 296 tax.

System neutrality is the one element the SMSF Association would like to see with regard to the implementation of the proposed Division 296 tax.

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Compliance, Contributions, Legislation, Strategy, Tax

Recontributions should not be excessive

Using a recontribution strategy to wipe large tax components from superannuation savings is likely to be considered tax avoidance.

Using a recontribution strategy to wipe large tax components from superannuation savings is likely to be considered tax avoidance.

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Division 296, Superannuation, Tax

TSB Div 296 role changed

The assessment of a super fund member’s total super balance has been changed in the Division 296 tax draft legislation released in late December.

The assessment of a super fund member’s total super balance has been changed in the Division 296 tax draft legislation released in late December.

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Division 296, Legislation, Superannuation, Tax

Revised Div 296 draft legislation drops

The draft legislation to allow the introduction of the proposed Division 296 tax has been released, along with an invitation for industry feedback.

The draft legislation to allow the introduction of the proposed Division 296 tax has been released, along with an invitation for industry feedback.

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