News

Division 296, Tax

Family law split timing has Div 296 effect

The timing of a family law split has the potential to alter an SMSF member’s Division 296 liability.

The timing of a family law split has the potential to alter an SMSF member’s Division 296 liability.

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Pensions, Property

Real estate may be insufficient for pensions

The rise in minimum pension amounts may outstrip income from real estate, requiring trustees to re-examine liquidity issues as they age.

The rise in minimum pension amounts may outstrip income from real estate, requiring trustees to re-examine liquidity issues as they age.

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SMSF, Trusts

All client data key for cybersecurity

All client information must be afforded the highest level of protection to properly prevent cyberattacks aimed at advice and accounting files.

All client information must be afforded the highest level of protection to properly prevent cyberattacks aimed at advice and accounting files.

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Aged Care

AIR calls for home aged-care pricing benchmarks

A consumer advocacy group has stated pricing benchmarks are essential to ensure equitable access to home aged care.

A consumer advocacy group has stated pricing benchmarks are essential to ensure equitable access to home aged care.

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Administration, SMSF, Strategy, Trusts

Wind-up can involve less harmful choice

Trustees with an SMSF holding assets with a specified duration may have to make a difficult choice when looking to wind up a fund.

Trustees with an SMSF holding assets with a specified duration may have to make a difficult choice when looking to wind up a fund.

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Division 296, Pensions, Superannuation, Tax

Div 296 will capture reserves income

Superannuants with pension reserves may consider withdrawing them as the new Division 296 tax will capture income from them in its calculations.

Superannuants with pension reserves may consider withdrawing them as the new Division 296 tax will capture income from them in its calculations.

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ATO, Auditing, Compliance

Auditors reminded to check trustee status

The status of SMSF trustees needs to be checked at each audit, with the ATO finding some auditors are still not carrying out this requirement.

The status of SMSF trustees needs to be checked at each audit, with the ATO finding some auditors are still not carrying out this requirement.

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Education, financial advice, Financial Planning

FAAA calls for education reforms

The FAAA has made several recommendations it wants the government to consider when reviewing the current adviser education pathways.

The FAAA has made several recommendations it wants the government to consider when reviewing the current adviser education pathways.

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ATO, Division 296, Superannuation, Tax

SAR to include new Div 296 label

The SMSF annual return for the 2027 income year will include a new label to facilitate the reporting of earnings for the Division 296 tax.

The SMSF annual return for the 2027 income year will include a new label to facilitate the reporting of earnings for the Division 296 tax.

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Education, financial advice, Financial Planning

Allow associations to provide education

Adviser education must be maintained at a bachelor-degree level, but professional associations should be allowed to supply relevant training.

Adviser education must be maintained at a bachelor-degree level, but professional associations should be allowed to supply relevant training.

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