News : Tax

Investments, Legislation, Tax

Share volatility exposes Div 296 severity

Division 296 tax Total superannuation balance Equities SMSF Self-managed superannuation Unrealised capital gains

The Division 296 tax could lead to particularly unfair outcomes in situations where SMSFs hold certain equities that experience significant fluctuations.

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financial advice, Tax

Treat Div 296 as blank slate with client

SMSF Self-managed superannuation Division 296 tax $3 million Financial advice Deloitte Liz Westover The Tax Institute

SMSF practitioners should tell clients to forget what they know about the Division 296 tax as many are concerned about misconceptions and help them reset their understanding of the measure.

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Legislation, Tax

Govt maintains super tax is fair

Stephen Jones Self-managed superannuation funds Division 296 tax

The Minister for Financial Services has told APRA funds and investment managers its plans to lift taxes on high super balances are fair and part of a wider agenda around equity in the system.

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Administration, ECPI, Tax

ECPI method can impact investment strategy

SMSF Self-managed superannuation Accurium Anthony Cullen ECPI exempt current pension income investment strategy segregation of assets

Trustees using the segregated method to calculate ECPI must have this decision reflected in the SMSF’s investment strategy in some circumstances.

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Administration, Pensions, Tax

Missed pension payments risk ECPI loss

Minimum pension ECPI Exempt current pension income

Practitioners should remind clients of the importance of meeting minimum pension requirements to ensure they retain the tax benefits of claiming exempt current pension income.

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Legislation, Tax

Senate urged to reject Div 296 bill

Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023 Senate Division 296 tax SMSF Association Unrealised capital gains

Independent senators have been called on to reject the proposed Division 296 tax bill, with the SMSF Association reiterating concerns over the taxation of unrealised gains.

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Tax

Division 296 bill passes lower house

The Division 296 bill will progress to the Senate after the government voted down amendments in the lower house.

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Compliance, Regulation, Tax

Tax agent code changes finalised

Code of professional conduct for tax agents Tax Agent Services (Code of Professional Conduct) Amendment (Measures No 2) Determination 2024

The proposed changes to the code of professional conduct for tax agents will be tabled in parliament after the government and industry agreed to a final round of changes.

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financial advice, Financial Planning, Tax

ATO updates advice fee deduction rules

Financial advice fees Tax deduction ATO Tax determination FAAA Financial Advice Association of Australia Sarah Abood

The ATO has released new rules around the deductibility of financial advice fees, which should reduce the upfront cost of advice.

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BDBNs, Tax, Trusts

BDBNs may hinder estate plans

BDBN Superannuation proceeds trust Binding death benefit nomination SMSF

A BDBN may not always be the best option for handling superannuation death benefits as it can lack the flexibility a trust structure provides.

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