News : Tax

financial advice, Financial Planning, SMSF, Tax

Greater advice tax deductibility for SMSFs

SMSF practitioners have the ability to present their clients with larger tax savings on financial advice due to the ATO’s jurisdiction over the SIS Act.

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SMSF, Tax

Future Div 296 indexation not a lock

Superannuants should not assume any future government will definitely introduce an indexation measure to the Division 296 tax legislation.

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Contributions, Tax

Timing key for CGT-linked contribution

SMSF, self managed super, CGT, contribution, deductible contribution, capital gains tax, Accurium, Lee-Ann Hayes, property, SMSF Professionals Day 2025

The timing of a deductible contribution to an SMSF is critical when implementing a strategy involving a capital gains tax event.

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Tax

Death benefits may trigger Div 296

Death benefits, Division 296, income streams, total super balance, $3 million threshold, SMSF, self managed super, TSB, DBA Lawyers, Shaun Backhaus, Division 296 calculations, proportion of earnings, reversionary pension

The Division 296 tax will require a review of income streams that push total super balances close to the $3 million threshold.

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SMSF, Tax

Assistant minister fails basic maths on tax

SMSF, self managed super, Division 296, concessional treatment, superannuation earnings, Accurium, Mark Ellem, Assistant Minister for Treasury, Andrew Leigh, $3 million, SMSF Professionals Day, tax rate, 30 per cent

An SMSF educator has noted errors made by an assistant minister about the Division 296 tax highlight its impact will be greater than first proposed.

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SMSF, Superannuation, Tax

Alternative Div 296 model possible

SMSF, self managed super, Division 296, calculation, unrealised capital gains, calculation, earnings, SMSF Alliance, David Busoli, total super balance, TSB, $3 million threshold, actual income

An alternative Division 296 calculation can used which does tax unrealised capital gains with an SMSF specialist noting it could be built around a model already in the bill.

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SMSF, Superannuation, Tax

LRBAs off Division 296 table

SMSF, self managed super, Division 296, LRBA, limited recourse borrowing arrangement, Senate, Treasurer, Jim Chalmers, Greens, defined benefit schemes

The Treasurer has ruled out using LRBAs as a bargaining chip in seeking support in the Senate to pass the proposed Division 296 tax bill.

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SMSF, Superannuation, Tax

Don’t break laws avoiding super impost

SMSF, self managed super, Division 296, superannuation, withdrawal, McCullough Robertson, Hayley Mitchell, $3 million, condition of release, superannuation balance, asset valuations, legislation

SMSF members reducing their retirement savings balance below $3 million to avoid the Division 296 tax must remain within the super laws and avoid rash moves that breach them.

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Superannuation, Tax

Div 296 is a budget fix

SMSF, self managed super, Division 296, Treasurer, Jim Chalmers, budget, superannuation policy, CPA Australia, Richard Webb, indexation, superannuation, $3 million, taxing of unrealised gains

The Division 296 tax is being introduced as a budget repair measure and not as a long-term superannuation policy and will affect many more people than estimated.

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SMSF, Tax

Govt again urged to revise Div 296 tax

Division 296 tax, Division 296, SMSF, self-managed super, self-managed superannuation, SMSF Association, calculation, unrealised capital gains, SMSF trustees, Peter Burgess

The government has again been implored to rethink its Division 296 tax policy amid reports it has caused panic selling of assets among SMSFs.

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