News : Tax

Legislation, SMSF, Superannuation, Tax

Revenue will drive Div 296 progress

Division 296 tax, Prime Minister,  Anthong Albanese, Treasurer, Jim Chalmers, 

The revenue that will come from the Division 296 tax is too significant for the government to drop the proposed measure, which will be used to fund its election promises.

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NALI/NALE, SMSF, Tax

Service discount sway a NALE issue

NALE, Accurium, superannuation, Natalie Scott, 

Certain situations exist where a service discount granted to an SMSF will initiate the NALE rules even if the reduced price is available for all staff.

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Superannuation, Tax

Div 296 start not tied to sitting days

The ability of the government to pass the Division 296 tax bill through parliament may have little effect on the date it actually starts, which may be as soon as the new financial year.

The ability of the government to pass the Division 296 tax bill through parliament may have little effect on the date it actually starts, which may be as soon as the new financial year.

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SMSF, Tax

Urgent Div 296 action not required

The possibility of the Division 296 tax being passed into law does not mean immediate action should be taken to sidestep it given its impact is more than a year away.

The possibility of the Division 296 tax being passed into law does not mean immediate action should be taken to sidestep it given its impact is more than a year away.

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financial advice, Financial Planning, Superannuation, Tax

Calls for reform greet govt return

Industry groups have responded to the re-election of the Albanese government by calling for advice and tax reforms to be introduced during its second term in power. 

Industry groups have responded to the re-election of the Albanese government by calling for advice and tax reforms to be introduced during its second term in power. 

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Legislation, Tax

Div 296 conversations need to resume

Division 296 tax, SMSF, SMSF Alliance, David Busoli, Senate, $3 million, total super balance

The result of the weekend’s federal election means practitioners should be preparing for renewed client conversations about the Division 296 tax.

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Contributions, Tax

Process key to catch-up contributions

MLC, Scott Quinn, tax, 

Individuals using carried forward unused portions of their concessional contributions cap must observe proper procedure or face an adverse outcome.

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ATO, SMSF, Tax

Check entitlement with CSLR payments

SMSFs receiving a payment from the CSLR must first check whether the fund or members can receive it before deciding how to process it for tax purposes.

SMSFs receiving a payment from the CSLR must first check whether the fund or members can receive it before deciding how to process it for tax purposes.

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financial advice, Financial Planning, Legislation, Tax

Div 296, CSLR priorities for Liberals

Opposition financial services spokesman Luke Howarth has stipulated a coalition government will scrap the Division 296 tax and change the CSLR..

Opposition financial services spokesman Luke Howarth has stipulated a coalition government will scrap the Division 296 tax and change the CSLR.

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ATO, Tax, Trusts

ATO steadfast on UPEs post-Bendel

unpaid present entitlements, UPE, ATO, Louise Clarke, Bendel,

The ATO will not change its stance on the treatment of unpaid present entitlements from unit trusts while waiting on an appeal against the ruling delivered in the Bendel case.

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