News : Tax

Legislation, LRBA, SMSF, Tax

LRBA ban key to Greens Div 296 vote

SMSF LRBA Division 296 Australian Greens

The Greens are calling for restrictions on the use of LRBAs by SMSFs as a condition for the party’s support for the Division 296 bill before parliament.

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Legislation, SMSF, Tax

Div 296 labelled an SMSF attack

Better Targeted Superannuation Concessions Division 296 Kylea Tink Michael Broadbent SMSF

Independent members of parliament have called the introduction of the Division 296 tax as an attack on SMSFs to force their members into other funds.

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Legislation, NALI/NALE, Superannuation, Tax

Progress of NALE bill uncertain

NALE non-arm’s length expenses Chartered Accountants Australia and New Zealand Tony Negline Parliament

Changes to the rules around non-arm’s length expenses may not pass parliament before 30 June raising doubts as to their application in the current financial year.

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Pensions, SMSF, Tax

Act on legacy pensions before $3m cap

Division 296 $3 million cap Legacy pensions SMSF Federal budget

SMSF trustees with legacy pensions should convert or exit them to avoid an additional liability when Division 296 tax is introduced.

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Superannuation, Tax

Govt funds own Div 296 operation

Div 296 tax Defined benefit interests Federal budget SMSF Association

The government will spend more than $10 million to implement the proposed Division 296 tax on defined benefit interests.

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Pensions, Tax

Deeming rates freeze continues

Deeming rates Age pension Social security SMSF

Social security deeming rates will remain locked at their current level boosting income available to age pension recipients.

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SMSF, Superannuation, Tax

Div 296 tax draft bills approved

Division 296 SELC Senate Economics Legislation Committee Better Targeted superannuation Concessions

A Senate committee reviewing the draft Division 296 tax bill has recommended it be passed without any suggested amendments.

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SMSF, SMSFA, Superannuation, Tax

Stance on Div 296 tax disappointing

SMSF Association SMSFA Peter Burgess Senate Economics Legislation Committee Division 296 Better Targeted superannuation Concessions

The SMSF Association has labelled a Senate committee’s support for the proposed Division 296 tax as it stands disappointing.

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Administration, SMSF, Tax

$3m cap adds to divorce complexity

Divorce Division 296 tax SMSF Withdrawals Contributions Earnings calculation

Calculating a final financial position in the event of a divorce may become more difficult when the Division 296 tax is introduced.

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Pensions, Superannuation, Tax

Excess pension payments not always tax-free

SMSF Superannuation Minimum pension Lump sum commutation Preservation age

SMSF members drawing a lump sum above their minimum pension amount are safe from any further tax, but should be aware of preservation restrictions.

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