News : Tax

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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SMSF, Tax

Don’t confuse Div 296 calculations

SMSF Association Peter Burgess Tech Summit 2024 Division 296 Self-managed superannuation Total super balance TSB earnings

SMSF advisers and trustees should look closely at how the Division 296 tax calculations work as any confusion may result in them not using withdrawals to manage the impost’s impact.

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Compliance, Legislation, Regulation, Tax

Tax agent code change consultation opens

Consultation Tax agent Tax Practitioners Board TPB SMSF Association Tax Agent Services (Code of Professional Conduct) Determination 2024 Code of conduct

Consultation on changes to the code of conduct for tax agents has opened, with the TPB looking to have finalised guidance released by November.

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Legislation, Superannuation, Tax

Coalition will scrap Div 296 tax

Division 296 tax Luke Howarth

It has been confirmed the Division 296 tax will be revoked by the federal opposition should the coalition be returned to power at the next election.

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Compliance, Tax

Tax agent code change pushed back

Tax Practitioners Board TPB Code of Professional Conduct Tax Agent Services (Code of Professional Conduct) Determination 2024 Stephen Jones SMSF Association Chartered Accountants Australia and New Zealand

New additions to the code of conduct for registered tax agents will now apply from two dates in 2025 and not from 1 August following a late change by the government.

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Pensions, Strategy, Tax

Pension rules impact Div 296 tax

SMSF Self-managed superannuation Reversionary pension DBA Lawyers Bryce Figot Division 296 tax

SMSF members who are death pension recipients can expect to have a reduced Division 296 tax liability if the income stream was non-reversionary.

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