News

Documentation, Estate Planning, Trusts

Trustee death requires creative response

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, wind-up, Heffron, Annie Dawson, executor, director, corporate trustee, enduring power of attorney, EPOA, section 17A, SIS Act, Sean Johnston

When the sole director of a corporate trustee dies, advisers will need to consider what options are available to allow the fund to be wound up.

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Division 296, SMSF, Superannuation, Tax

Personal injury a Div 296 escape

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, structured settlement contribution, personal injury contribution, Division 296, Colonial First State, Craig Day, total super balance, exclusion

Any individual who makes a superannuation contribution stemming from a personal injury insurance payment will not be captured by the Division 296 tax.

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Division 296, SMSF, Superannuation, Tax

Minister meeting confirms no tax changes

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, SMSF Association, consultation, Division 296, Financial Services Minister, Daniel Mulino, alternative options, unrealised gains, Financial Advice Association Australia, FAAA, Sarah Abood, David Sharpe, Delivering Better Financial Outcomes, Compensation Scheme of Last Resort, Australian Financial Complaints Authority, wholesale investor

The SMSF Association has labelled Division 296 consultations that took place in 2023 as an endorsement process after meeting recently with the new Financial Services Minister.

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Division 296, LRBA, SMSF, Superannuation, Tax

LRBA carve-out inconsistent

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, limited recourse borrowing arrangements, LBRA, total super balance, TSB, Division 296, superannuation earnings, DBA Lawyers, Bryce Figot, $3 million threshold, explanatory memorandum

Plans to carve out LRBAs from the total super balance figures used to calculate Division 296 tax highlight the irregularities around their inclusion within TSBs.

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Division 296, SMSF, Superannuation, Tax

Half a million may be hurt by new impost

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, Financial Services Council, FSC, Division 296 tax, impact, unindexed threshold, $3 million threshold, indexation, Blake Briggs

New analysis by the Financial Services Council has calculated the full impact of the proposed superannuation tax under four different scenarios.

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Division 296, SMSF, Tax

Div 296 consultation claims refuted

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, consultation, unrealised capital gains, Division 296, Institute of Financial Professionals Australia, IFPA, Natasha Panagis, submissions, Senate Economics Legislation Committee, Jim Chalmers, alternative model, terms of reference

Claims the government consulted widely but was not presented with an alternative Division 296 model have been rejected by an industry body.

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Division 296, Documentation, SMSF

Proposed tax necessitates SAR change

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, SMSF annual return, amendments, Division 296 tax, Colonial First State, Craig Day, ATO, reporting, SMSF administrator

The reporting regime for SMSFs is having to be modified due to additional information that will be required for Division 296 tax calculations.

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ETFs, Investments

Schroders introduces new active ETF

Schroders Australia, active exchange-traded fund, ETF, Schroder Global Core Fund, Simon Doyle, Schroder Quantity Equity Product Global Core, Lukas Kamblevicius

Investors have been provided with a new avenue to access global equities through the release of a new actively managed ETF.

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ATO, Death benefits

Six-month death benefit guidance removed

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, ATO, death benefit payments, cashing, SIS Regulation 6.21(1), QC 42934, six months, Shelley Banton, ASF Audits, QC 45254, exempt current pension income, ECPI

The ATO has amended the rules regarding the acceptable timeframe in which trustees can implement when making death benefit payments.

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Division 296, SMSF, Tax

SMSF double whammy from new tax

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, Division 296, unrealised capital gains, appreciation, Accurium, Mark Ellem, capital gains tax credit, SMSF Professionals Day 2025

SMSFs trustees face paying tax on both unrealised and realised capital gains as a result of the proposed Division 296 tax.

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