News

Division 296, Superannuation, Tax

Div 296 can boost advice proposition

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, Division 296, tax minimisation, personal tax, Accurium, Mark Ellem, marginal tax rate, total super balance, 30 per cent, 15 per cent, financial advice

The proposed Division 296 measure gives practitioners the opportunity to enhance their advice proposition through tax optimisation strategies.

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Contributions, Death benefits, Superannuation, Tax

Benefits tax a factor in recontributions

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, recontribution strategy, taxable component, MLC, Scott Quinn, adult child, non-tax dependant, death benefit, government co-contribution, spouse contribution

Giving thought to the tax impact of death benefits paid to adult children may be a trigger to engage in a recontribution strategy.

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Investments, Superannuation

ASFA endorses change to US bill

Association of Superannuation Funds of Australia, ASFA, Big Beautiful Bill, section 899, Mary Delahunty, US economy

ASFA has applauded an amendment made to the US government’s ‘big beautiful bill’ that will result in a better outcome for superannuants.

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Documentation, Superannuation

Refund of early withdrawal possible

self managed super, self managed superannuation, SMSF, withdrawal, condition of release, Accurium, Mark Ellem, refund, SMSF Professionals Day 2025, rectification, error

An accidental withdrawal from an SMSF bank account can be redeposited without consequence as long evidence can prove the transaction was an error.

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Death benefits, Division 296, Superannuation, Tax

Div 296 sparking death benefit discussions

self managed super, self managed superannuation, SMSF, death benefit tax, Division 296, Heffron, Meg Heffron, assets outside superannuation, tax

The Division 296 impost has prompted SMSF members looking at retaining assets in super to consider the tax impact of their death on their beneficiaries.

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Contributions, Superannuation, Tax

Deduction claims based on fund receipt

self managed super, self managed superannuation, SMSF, superannuation, contribution, tax deductible, Institute of Financial Professional Australia, Natasha Panagis, ATO, private binding ruling, personal deductible contribution, notice of intent

Tax deductions for a super contribution are based on when a fund receives the money, with the ATO confirming late arrivals will not be considered.

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Education, financial advice

Intensive study offered for lagging advisers

Kaplan Professional, financial adviser, education requirements, experience pathway, Brian Knight, deadline

A financial services education provider has created an intensive study program for financial advisers to help them meet the 31 December 2025 deadline.

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Pensions

Legacy pension wind-ups hold legal risk

SMSF, self managed superannuation fund, self managed super, legacy pensions, amnesty, Accurium, Mark Ellem, financial product, licence, financial advice, commuting

There are many legal restraints applicable to practitioners looking to assist their clients in commuting existing legacy pensions.

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Auditing, LRBA

Auditors must still check LRBA offsets

ADI, ASF Audits, ATO, Auditors, Authorised Deposit-taking Institution, limited recourse borrowing arrangement, LRBA, management letter, non-ADI, offset accounts, self-managed super, Self-managed superannuation fund, Shelley Banton, SMSF

Recent ATO comments on LRBAs with offset accounts have changed little for auditors, who must check them as part of their reports.

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Auditing, Valuations

Zero valuations unacceptable

ATO, Auditor contravention report, Bryce Figot, DBA lawyers, Division 296, negative net assets, self-managed super, Self-managed superannuation fund, SMSF, The Auditors Institute, unlisted shares, zero valuations

SMSFs that value assets at zero are unlikely to find that view accepted by the ATO and should seek better evidence as to their actual worth.

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