News : Tax

Investments, Superannuation, Tax

Associations call for Division 296 change

JAWG Joint Associations Working Group Division 296 tax Unrealised capital gains Deeming rate Better Targeted Super Concessions Bill

A group of 11 industry bodies representing advisers, stockbrokers and accountants has called for the Division 296 tax calculations to be reopened for further consultation.

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Compliance, financial advice, Tax

Tax agent code consultation non-existent

Joint Bodies Tax Agent Services (Code of Professional Conduct) Determination Tax Practitioners Board Stephen Jones Matthew Addison SMSF Association

A group of 10 industry bodies has rejected claims by the government that it consulted with the sector over changes to the tax agent code of conduct.

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Legislation, Tax

Teals push for Div 296 changes

Division 296 tax SMSF Self-managed superannuation Teals Amendments Zoe Daniels Helen Haines Allegra Spender Kylea Tink

The teal independents have raised several concerns regarding the proposed Division 296 tax and called for urgent changes to mitigate its impact on SMSFs.

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SMSF, Tax

Timing crucial for CGT concessions

SMSF Self-managed superannuation Small business CGT concessions Accurium Mark Ellem

The timing of the administration procedures regarding the small business CGT concessions is critical for contributions made under these rules.

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Legislation, Regulation, Tax

Opposition moves to block tax agent changes

Tax Agent Services (Code of Professional Conduct) Determination 2024 Opposition Senate CAANZ

The opposition has called on the Senate to block the passage of proposed changes to the tax agent code of conduct as they are likely to impact small operators disproportionately.

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Legislation, Tax

Div 296 progress remains shaky

Division 296 tax SMSF Association Unrealised capital gains

The SMSF Association has reported support for the Division 296 tax bill in the Senate is not definite as the body continues to push for it to be scrapped or amended.

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Contributions, Tax

Acceptance rules key to CGT benefit

SMSF Self-managed superannuation Contribution acceptance rules Capital gains tax small business concessions CGT Accurium Mark Ellem

The contribution acceptance rules will always be the determining factor as to whether a member can use the CGT small business concessions.

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Legislation, Tax

IFPA raises Div 296 protest again

Unrealised capital gains Division 296 tax IFPA Institute of Financial Professionals Australia Total superannuation balance

Strong objections and suggested better approaches to the proposed Division 296 tax have again been communicated to members of parliament by IFPA.

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NALI/NALE, Tax

Capital losses can offset NALI liability

Non-arm's length income NALI Capital loss Capital gains tax TD 2024/5 SMSF Self-managed superannuation

Analysis of ATO guidance has identified how an SMSF could potentially use significant capital losses to reduce a NALI tax liability.

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Legislation, Superannuation, Tax

Use $3m tax to boost low balances

Division 296 tax LISTO Low income superannuation tax offset Deeming rate ASFA Association of Superannuation Funds of Australia

ASFA has called for some of the revenue to come from the proposed Division 296 tax to be used to boost the super balances of low-income earners.

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