News : Tax

Legislation, Superannuation, Tax

$3m soft cap tax concerns left off table

$3m soft cap tax Consultation Total superannuation balance Associated earnings SMSF

During the initial consultation phase for the proposed $3 million soft cap, industry feedback was not sought regarding certain key aspects of how the tax would operate.

read more
ATO, Contributions, SMSFA, Superannuation, Tax

Contribution deduction process can be fixed

Tax deduction Notice of intent Contributions SMSF Association SMSF

The process to lodge a notice of intent to claim a tax deduction on personal superannuation contributions can be streamlined, with industry bodies calling for change.

read more
financial advice, Superannuation, Tax

Double standard must end

SMSF Association pre-budget submission superannuation financial advice fees tax deductibility

The double standard in the treatment of SMSFs compared to APRA-regulated funds must end, including in regards to the deductibility of financial advice fees.

read more
Contributions, Legislation, Tax

Reserve allocations a $3m cap issue

Reserve allocations Total superannuation balance Contributions $3 million soft cap tax Concessional cap

The treatment of reserve allocations to members for the purpose of the $3 million soft cap is problematic and can have significant adverse outcomes.

read more
Death benefits, Regulation, Tax

Death benefit payment delay risky

Death benefit Payment Pension Lump sum ECPI

SMSF trustees have been urged to promptly distribute death benefits as doing so is believed to reduce the likelihood of unintended consequences.

read more
Accounting, SMSF, Superannuation, Tax

Timeframe limits foreign transfers

Foreign superannuation fund Lump sum payment Timeframe SMSF Superannuation rules

The Australian superannuation rules make lump sums paid from overseas pension schemes attractive but perhaps unachievable.

read more
Contributions, Superannuation, Tax

Tax cuts offer super boost

stage three tax cuts superannuation balance concessional non-concessional contribution

Proposed tax cuts later this year will allow superannuants to boost their balances without adversely impacting their cash flow.

read more
Compliance, Death benefits, Superannuation, Tax

Non-cash payouts can be a great solution

ATO Death benefit member benefit Superannuation benefit Redemption of investments

A recent ATO private ruling regarding death benefits could have had a different outcome if an alternate redemption process had been used.

read more
Compliance, Legislation, Tax

Submissions require real evidence

Treasury Consultation Division 296 tax Stakeholders Submissions

Some stakeholder criticism regarding the Division 296 tax was treated less seriously by Treasury due to a lack of evidence supporting the concerns raised.

read more
Death benefits, Pensions, Tax

$3m super tax pension risk

SMSF Reversionary pension $3m soft cap tax Pension

Reversionary pension beneficiaries may be at risk of an additional tax hit due to a provision contained within the draft legislation for the $3 million soft cap measure.

read more

Copyright © SMS Magazine 2025

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.