News : Tax

Compliance, Property, SMSF, Tax

Incorrect loan details a stamp duty trap

SMSF Loans Property Deposit Stamp duty

Electing to pay the deposit of an SMSF property loan using an individual’s name, rather than that of the fund, could attract a stamp duty liability when the asset is transferred.

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Legislation, SMSFA, Tax

Senate Div 296 report pushed back

Division 296 tax Senate Economics Legislation Committee SMSF Association

A Senate committee report examining the proposed Division 296 tax will now come out in May after being pushed back by three weeks.

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Insurance, Tax

Examine TPD policy to reduce tax impact

SMSF TPD total and permanent disability insurance tax deductibility non-concessional contribution

The type of TPD cover an SMSF trustee holds and how they choose to claim on it can have significant tax implications if not managed correctly.

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Legislation, Tax

Better Div 296 model is available

Division 296 Unrealised capital gains Earnings calculation Total superannuation balance

The government can implement an additional super earnings tax, but do so without taxing unrealised gains by adopting a simpler method of calculating earnings.

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Legislation, Tax

Div 296 tax labelled a shocker

Division 296 tax Unrealised capital gains Double taxation Shadow treasurer Angus Taylor Government Opposition

The proposed Division 296 tax has been described as a shocking move by the government and an unindexed wealth tax on Australians.

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Legislation, Tax

New super tax will hit farmers hard

Farms Division 296 tax

Farms held within SMSFs will be heavily impacted by the Division 296 tax due to shifts in the value of underlying assets, with many viewing the impost as an attack on primary producers.

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SMSFA, Tax

Div 296 indexation change proposed

SMSF Association Indexation Teals Indexation Division 296 tax

An amendment to ensure the $3 million threshold for the proposed Division 296 tax will be subject to indexation is likely to be introduced into parliament.

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Contributions, Death benefits, Strategy, Tax

Division 296 exemptions narrow

Division 296 tax Personal injury Contributions Death benefit pension Exemption

Superannuation members subject to a specific set of circumstances will not be caught by the proposed tax on total super balances over $3 million.

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Administration, ATO, SMSF, Tax

More admin pain from $3m soft cap

SMSF SMSF annual return Total superannuation balance Defined benefit pension $3 million earnings tax

SMSF trustees and practitioners are likely to face a greater administrative burden and associated costs as a result of the new $3 million soft cap.

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Compliance, Legislation, SMSF, Tax

Asset value change a Div 296 risk

Division 296 tax Liability Asset valuations SMSF Refund

The unexpected variation in the value of assets held within SMSFs may expose trustees to a $3 million soft cap tax liability with little relief available to obtain a refund on any losses.

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