News

Contributions, NALI/NALE

In-specie transfer not a NALE trigger

An in-specie transfer an SMSF member makes with no purchase amount should not trigger the non-arm’s-length expenditure provisions.

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Division 296, SMSF, Tax

Opposition refuses to budge on Div 296

Two members of the shadow cabinet have reiterated the coalition will not alter its stance in opposing the taxation of unrealised gains under the proposed Division 296 impost.

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financial advice, Financial Planning, SMSF, Tax

Greater advice tax deductibility for SMSFs

SMSF practitioners have the ability to present their clients with larger tax savings on financial advice due to the ATO’s jurisdiction over the SIS Act.

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Retirement

Australian retirement mood improves

The optimism and confidence Australians have toward their own retirement has significantly improved over the past few years.

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SMSF, Tax

Future Div 296 indexation not a lock

Superannuants should not assume any future government will definitely introduce an indexation measure to the Division 296 tax legislation.

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Contributions

Co-contribution can trigger bring-forward rules

Advisers should be aware government co-contributions, despite their modest size, may still interfere with strategies based around non-concessional contributions.

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financial advice, Financial Planning

Demand for advice, reforms remains high

High numbers of consumers want access to advice and support government action to reduce its cost and complexity.

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Superannuation

AMP tweaks super to boost pension

AMP has made a change to the operation of its retail super products that may boost age pension payments when its fund members retire.

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Pensions

Check TRIS docs prior to conversion

SMSF, self managed super, TRIS, documentation, transition-to-retirement income stream, Accurium, Melanie Dunn, condition of release, retirement-phase pension interest, SMSF Professionals Day 2025

Practitioners should check the documentation regarding a client’s TRIS to ensure it is not restricted if converted to a retirement interest.

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ATO, Pensions

Gap to occur in TBC updates

SMSF, self managed super, ATO, personal transfer balance caps, general transfer balance cap, transfer balance caps, TBC, indexation, pension, limited recourse borrowing arrangement, excess transfer balance, determination, commutation authority, ATO online services

The increase in personal transfer balance caps reported by the ATO will be delayed after the general cap rises but it will not issue determinations until an update is complete.

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