News : Tax

Tax

Senate must deny Div 296 passage

Australian senators should end the progress of the Division 296 tax bill, which may result in people having to borrow to pay the impost on super fund members.

Australian senators should end the progress of the Division 296 tax bill, which may result in people having to borrow to pay the impost on super fund members.

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Superannuation, Tax

Division 296 deliberately deceptive

Division 296 tax Financial Services Council Blake Briggs Superannuation Self-managed superannuation SMSF

A leading industry figure has accused the federal government of intentionally misleading the public as to who the Division 296 tax will ultimately impact.

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SMSF, SMSFA, Superannuation, Tax

Govt’s Div 296 focus short-sighted

SMSF Self-managed superannuation Division 296 tax SMSF Association Peter Burgess unrealised capital gains early-stage funding

The government’s focus on the impact of the Division 296 tax on a small number of superannuants is short-sighted and overlooks the investments those people make in business and companies.

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Superannuation, Tax

SMSFA provides Div 296 bill update

Division 296 tax SMSF Association Peter Burgess Unrealised capital gains SMSF Self-managed superannuation

The SMSF Association has informed members about the status of the Division 296 tax bill and its views as to what might happen in the coming months.

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Legislation, Tax

Treasurer’s Div 296 claims rebutted

The SMSF Association has rejected the latest justification Treasurer Jim Chalmers has made regarding contentious elements of the Division 296 tax.

The SMSF Association has rejected the latest justification Treasurer Jim Chalmers has made regarding contentious elements of the Division 296 tax.

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ATO, financial advice, Regulation, SMSF, Superannuation, Tax

CSLR flaws again highlighted

The FAAA has used its latest submission to the Senate Economics Committee to renew its criticism of how the CSLR has been implemented.

The FAAA has used its latest submission to the Senate Economics Committee to renew its criticism of how the CSLR has been implemented.

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financial advice, NALI/NALE, SMSF, Superannuation, Tax

Recurrent NALE terminology clarified

The ATO has revised its definition of NALE that occurs in one income year but not the next as part of its new guidance on how it will administer the NALI regime.

The ATO has revised its definition of NALE that occurs in one income year but not the next as part of its new guidance on how it will administer the NALI regime.

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ATO, Pensions, SMSF, Superannuation, Tax, Trusts

Pension phase negates fee deductions

An SMSF with only a pension phase interest is unlikely to be able to claim a tax deduction for an accounting fee charged to the fund.

An SMSF with only a pension phase interest is unlikely to be able to claim a tax deduction for an accounting fee charged to the fund.

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Business News, SMSF, Superannuation, Tax

Coalition reiterates Div 296 opposition

The coalition has confirmed it will scrap the Division 296 tax when it is returned to power if the measure becomes law under the Labor government.

The coalition has confirmed it will scrap the Division 296 tax when it is returned to power if the measure becomes law under the Labor government.

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ATO, Auditing, SMSF, Superannuation, Tax

Risk reduction for ATO auditor reviews

SMSF auditors should consider a rule of thumb that will be of great benefit should they ever experience a regulator review or investigation.

SMSF auditors should consider a rule of thumb that will be of great benefit should they ever experience a regulator review or investigation.

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