News : Tax

Compliance, Regulation, Tax

Consultation open on tax agent changes

Consultation Tax agents Tax Practitioner's Board Treasury Registration requirements IFPA

Treasury has released a consultation paper proposing changes to the registration requirements for tax practitioners.

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Legislation, Regulation, SMSF, Tax

Is the Div 296 tax as bad as it’s made out to be?

Division 296 tax Total superannuation balance SMSF Self-managed superannuation $3 million threshold Accurium Anthony Cullen

Having a total super balance below $3 million at 30 June 2026 does not necessarily mean you should ignore the implications of the Division 296 tax.

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NALI/NALE, Tax

Fund income can reduce NALE hit

NALE Non-arm's length expenditure Taxable income

SMSF practitioners looking at how to apply the new NALE rules should keep in mind the level of taxable income in a fund can reduce the impact of any tax penalties.

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Compliance, Regulation, Tax

Rapid changes to tax agent code concerning

SMSF Assocation Chartered Accountants Australia and New Zealand Tax Practitioners Board determination Code of Professional Conduct Tax agents

Government measures that expand the code of conduct for tax agents will be difficult to implement and are being introduced with no consultation, raising concerns for industry bodies.

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Insurance, SMSF, Tax

Tax restricts insurance advantages

Life insurance SMSF Self-managed superannuation

The advantages of holding life insurance inside super are offset by the limits as to who can receive benefits and the tax they may pay as a result of the payment.

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Legislation, SMSF, Tax

Div 296 tax most impactful change

Super balances Division 296 tax SMSF Self-managed superannuation Super balances Yigit Gunhan Investment trends

Practitioners have nominated the proposed Division 296 tax as the legislative change that will have the greatest impact on clients in the immediate term.

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ATO, SMSF, Tax

ATO releases Division 293 caution

Division 293 Self-managed superannuation ATO SMSF Release authority

SMSF trustees must follow ATO procedures before paying a Division 293 liability with monies from their superannuation funds or risk breaching their compliance obligations.

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Compliance, Contributions, Tax

Contribution deduction can’t outweigh income

Contribution Deduction ATO Assessable income Non-concessional contribution

Trustees must ensure they have enough assessable income to offset a contribution deduction to avoid the risk of a compliance breach that will incur additional tax liabilities.

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Accounting, Documentation, SMSF, Tax

Confusion over super tax reporting

Annual return SMSF Untaxed Tax-free Accounting

Misunderstanding the difference between taxable and tax-free components of superannuation benefits is causing some accountants to file incorrect annual returns for their clients.

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Contributions, SMSF, Strategy, Tax

A real opportunity to maximise tax deductions

SMSF Contribution reserving Double deduction strategy

The 2024 income year is offering up a good opportunity for SMSF members to enjoy a significant tax benefit from contributing to their fund.

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