News : Tax

Legislation, Tax

Up in the air

The fate of the Division 296 tax is facing different challenges and scenarios in the face of the upcoming federal election.

The fate of the Division 296 tax is facing different challenges and scenarios in the face of the upcoming federal election.

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SMSF, SMSFA, Tax

Budget confirms Div 296 still on the table

The federal government will take the Division 296 tax to the election given the budget contained no mention of the status of the proposed impost.

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Investments, Superannuation, Tax

Financial services stability welcomed

The 2025 federal budget has been recognised for providing stability for the financial services industry in anticipation of the impending election.

The 2025 federal budget has been recognised for providing stability for the financial services industry in anticipation of the impending election.

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Contributions, SMSF, Tax

Timing key for applicable TBC

Transition to retirement income stream, transfer balance cap. Craig Day, Colonial First State, SMSF Association National Conference 2025, Melbourne, transfer balance cap, 

Practitioners need to be mindful of the TBC applicable to a client who turns 65 in June in the wake of the indexation to take effect in July.

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Crypto Assets, Cryptocurrency, SMSF, Tax

No crypto CGT exemption granted

Board of Taxation, CGT, Sladen, Phil Broderick, Philippa Briglia, SMSF Association,

SMSFs with crypto-assets will not be able to apply a CGT exemption applicable to other assets under a recommendation from a statutory authority.

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Pensions, Tax

Consider tax in indexation planning

Pension, transfer balance cap, indexation, SMSF, capital gains tax, Smarter SMSF, Tim Miller, pension commencement, SuperGuardian, exempt current pension income, ECPI, disregarded small fund assets, CGT, capital gains tax

Waiting for the indexation of the general transfer balance cap in July to start a pension may not be suitable for SMSF members staring down a large tax bill before the end of the financial year.

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ART, ATO, Pensions, Tax

ART ruling may clash with TR 2013/5

Administrative Review Tribunal, ART, TR 2013/5, superannuation pension, Tax Ruling 2013/5, Sladen, Phil Broderick, Philippa Briglia, QWYN and Commissioner of Taxation, superannuation income stream

The Administrative Review Tribunal has adopted a wide view on what may be considered a superannuation pension, potentially creating a conflict with Taxation Ruling 2013/5.

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financial advice, Financial Planning, Tax

Trustees obliged to approve advice payments

SMSF trustees, financial advice, superannuation, tax, IPFA, Institute of Financial Professional Australia, Natasha Panagis,Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill 2024, financial advice fees, tax deduction, ATO, draft practical compliance guideline

Trustees should be reminded advice fees can now be charged back to an SMSF, but they will need to examine and sign off each time a member requests this type of payment.

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Administration, financial advice, SMSFA, Tax

ATO information access essential

ATO, SMSF Association, client data, SMSF administrators, client information, Treasury, review of the tax regulator secrecy exceptions, qualified tax relevant providers, tax (financial) advice, superannuation

The SMSF Association has urged the government to give advisers and administrators access to client data held by the ATO, given the law obligates them to operate with correct information.

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Contributions, Tax

Claiming deductible contributions correctly

Strict rules apply to making personal deductible contributions and adherence to them is crucial as the ATO has no related discretionary powers.

Strict rules apply to making personal deductible contributions and adherence to them is crucial as the ATO has no related discretionary powers.

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