News : Tax

Compliance, Contributions, Pensions, Tax

Min pension effects contribution status

Failing to pay minimum pension amounts can compromise the ability of an SMSF member to claim a deduction for personal contributions.

Failing to pay minimum pension amounts can compromise the ability of an SMSF member to claim a deduction for personal contributions.

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Division 296, Superannuation, Tax

Balance-levelling proposal undermines Div 296

A bill has been tabled in parliament to allow couples to enact rollovers to each other to level up their super balances, with one specialist noting it could sidestep Division 296 for some couples.

A bill has been tabled in parliament to allow couples to enact rollovers to each other to level up their super balances, with one specialist noting it could sidestep Division 296 for some couples.

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Division 296, Superannuation, Tax

Tax concession premise misconceived

The validity of a government assumption with regard to taxable income in the justification of the proposed Division 296 tax has been questioned.

The validity of a government assumption with regard to taxable income in the justification of the proposed Division 296 tax has been questioned.

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Compliance, Legislation, Regulation, Tax

Avoid family split payment shortcuts

An order issued in the event of a family split must be executed properly without shortcuts to allow the intended outcome to eventuate.

An order issued in the event of a family split must be executed properly without shortcuts to allow the intended outcome to eventuate.

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Division 296, SMSF, Tax

Interest charge for super tax deferrals

The deferral of a Division 296 tax liability will incur a penalty charge consisting of a base interest rate plus 3 per cent.

The deferral of a Division 296 tax liability will incur a penalty charge consisting of a base interest rate plus 3 per cent.

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ATO, Division 296, Legislation, Tax

Taxpayer will get Div 296 notification

The ATO notification regarding a Division 296 tax liability will be sent directly to the taxpayer and will not involve their superannuation fund.

The ATO notification regarding a Division 296 tax liability will be sent directly to the taxpayer and will not involve their superannuation fund.

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Division 296, Legislation, Tax

Super tax timeframe still undetermined

The government has not publicly committed to a date to introduce the Division 296 legislation stating it has until 2026 to do so.

The government has not publicly committed to a date to introduce the Division 296 legislation stating it has until 2026 to do so.

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Death benefits, Estate Planning, Tax

Insurance can be untaxed death benefit

A rare set of circumstances involving insurance in an SMSF can cause a death benefit to be untaxed when passed on to a beneficiary.

A rare set of circumstances involving insurance in an SMSF can cause a death benefit to be untaxed when passed on to a beneficiary.

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Pensions, Retirement, Strategy, Tax

TBC contradicts sole purpose test

Restricting superannuation pensions via caps runs counter to the sole purpose test, which aims to pay benefits in retirement.

Restricting superannuation pensions via caps runs counter to the sole purpose test, which aims to pay benefits in retirement.

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