News : Tax

ATO, SMSF, Tax

Deeming rate acceptable for Div 296

SMSF Association Division 296 Peter Burgess Earnings calculation Proxy Deeming rate 90 day bank bill rate

The use of a deeming rate as a proxy for actual taxable earnings when calculating the Division 296 tax is acceptable to the SMSF Association, which stated it was better than the proposed model.

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ATO, Compliance, ECPI, Tax

Avoid ECPI Div 296 exploits

ECPI exempt current pension income Division 296 tax Total superannuation balance TSB

SMSFs should avoid strategies that exploit the tax-free aspects of the ECPI rules to sidestep potential Division 296 tax liabilities as they are readily identifiable as avoidance schemes.

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Administration, ATO, Regulation, Tax

SMSFs still eligible for GST rebate

GST SMSF Heffron ATO Self-managed super Reduced input tax credits

SMSFs may still be able to claim a rebate for the GST charged on financial advice fees from 1 July 2024.

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Legislation, SMSF, SMSFA, Tax

Unchanged Div 296 bill not certain

SMSF SMSF Association Self-managed superannuation Division 296 tax LRBA Limited recourse borrowing arrangement Peter Burgess Unrealised capital gains SMSF Association Technical Summit

The SMSF Association has predicted there is an even chance the proposed Division 296 tax bill will be amended over concerns relating to its calculation method and unrealised gains.

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Legislation, SMSF, Superannuation, Tax

Withdrawals can eliminate $3m cap liability

SMSF Self-managed superannuation SMSF Association Technical Summit Division 296 tax Liability Withdrawals Total superannuation balance

SMSF drawdowns can allow members to maintain a total super balance of $3 million or less and escape a Division 296 tax liability.

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Compliance, Regulation, SMSF, Tax

TPB disciplines SuperGuardian

Tax Practitioners Board Tax Agent Services Act 2009 Code of Professional Conduct SuperGuardian SMSF Self-managed superannuation Jason Poser SMSF Association

Specialist SMSF accounting firm SuperGuardian has had disciplinary action taken against it by the TPB for a code of conduct breach.

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Regulation, Tax

Coalition slams tax agent code changes

Tax agent Luke Howarth Stephen Jones Code of Professional Conduct Tax Practitioners Board

A government measure to introduce new obligations into the code of conduct for tax agents will impose an excessive compliance burden on smaller practitioners.

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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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