News

Legislation, SMSF, Tax

Div 296 labelled an SMSF attack

Better Targeted Superannuation Concessions Division 296 Kylea Tink Michael Broadbent SMSF

Independent members of parliament have called the introduction of the Division 296 tax as an attack on SMSFs to force their members into other funds.

read more
AAT, ATO, Compliance, NALI/NALE, SMSF

CAANZ calls for NALI clarity

NALI AAT ATO BPFN and Commissioner

It has been recommended the ATO update its non-arm’s length income guidance after one of its rulings was overturned by the AAT last year.

read more
Education, Financial Planning

Greater university involvement needed

Education Financial planning University course

The financial advice profession will benefit from an increase in specific education offerings from the major universities around Australia.

read more
Investments, Regulation

Sophisticated investor laws require a re-think

Sophisticated investor Retail shareholder Wilson Asset Management

The proposed amendment to the sophisticated investor rules provide an opportunity to review the relevant legislation and make it fairer.

read more
Legislation, NALI/NALE, Superannuation, Tax

Progress of NALE bill uncertain

NALE non-arm’s length expenses Chartered Accountants Australia and New Zealand Tony Negline Parliament

Changes to the rules around non-arm’s length expenses may not pass parliament before 30 June raising doubts as to their application in the current financial year.

read more
Pensions, SMSF, Tax

Act on legacy pensions before $3m cap

Division 296 $3 million cap Legacy pensions SMSF Federal budget

SMSF trustees with legacy pensions should convert or exit them to avoid an additional liability when Division 296 tax is introduced.

read more
Auditing, Compliance, Property

More property data now required

Residential property SMSF Audit SMSF audit Title search

Conventional practices regarding information about an SMSF residential property for the annual audit may no longer be considered sufficient.

read more
ATO, Compliance, Documentation, SMSF

Practitioners judged more harshly

ATO Tax agent Documentation Evidence SMSF

SMSF practitioners should maintain the highest documentation standards for their own funds due to the degree of scrutiny the ATO applies to them.

read more
Pensions, SMSF, SMSFA

Legacy pension amnesty missing

Legacy pensions SMSF Association Amnesty

The absence of an announcement declaring the government’s commitment to a legacy pension amnesty has disappointed the sector’s peak body.

read more
Superannuation, Tax

Govt funds own Div 296 operation

Div 296 tax Defined benefit interests Federal budget SMSF Association

The government will spend more than $10 million to implement the proposed Division 296 tax on defined benefit interests.

read more

Copyright © SMS Magazine 2025

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.