News : Tax

ATO, Tax

ATO confirms TSB for Div 296 tax

ATO Total superannuation balance Division 296 NALE CGT Transfer balance cap

The redefinition of a person’s total super balance as to the implementation of the $3 million soft cap has been confirmed by the ATO.

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Death benefits, Pensions, SMSF, Tax

Div 296 reversionary pension trap

Division 296 Tax SMSF Reversionary pension Non-reversionary pension Death benefit pension

Superannuants with reversionary pensions may be unwittingly captured by the proposed Division 296 tax a year earlier than necessary.

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ATO, Superannuation, Tax

Cashing out contribution not tax avoidance

Superannuation Personal contributions Tax deductions Tax avoidance Part IVA SuperCentral Michael Hallinan ATO Private ruling

Super fund members can cash out a contribution on which they have made a deduction, but should show evidence they are not doing so to sidestep tax.

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Superannuation, Tax

Watch Div 293 payment timing

Division 293 tax Release authority SuperStream SMSF Heffron Meg Heffron

SMSF members required to pay a Division 293 tax bill have been cautioned not to act too quickly and to follow the correct ATO process.

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Legislation, Pensions, Tax

$3m cap non-indexation will create confusion

Indexation Division 296 tax Total superannuation balance Transfer balance cap

As the proposed Division 296 tax will not be subject to indexation, the $3 million cap will likely be surpassed by other superannuation thresholds that are indexed.

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Administration, SMSF, Tax

Capital gain type tax benefit key

Capital gains tax Capital gains SMSF Offset One-third discount

The tax position of an SMSF can be maximised by recognising the types of capital gains ineligible to have the allowable discount applied to them.

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Legislation, SMSFA, Tax

Unrealised gains tax a dangerous precedent

SMSF Association Unrealised capital gains Division 296 tax

Taxing unrealised capital gains as part of the Division 296 impost could set a risky precedent, potentially causing significant ripple effects throughout Australia’s tax system.

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Pensions, Superannuation, Tax

MLP valuations under Div 296 still unclear

Market-linked pensions Defined benefit pensions Division 296 tax Valuation Treasury

Guidance on the treatment of market-linked pensions in relation to the Division 296 tax has yet to clearly outline how these interests will be valued under the cap.

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financial advice, Tax

Industry seeks clarity on fee deductibility

financial advice fees FAAA ITAA TD 2023/D4 ATO tax deduction tax deductibility

A group of industry bodies has urged the ATO to provide further details on the tax deductibility of financial advice given to clients on pre-existing investments.

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