News

Legislation, Tax

Better Div 296 model is available

Division 296 Unrealised capital gains Earnings calculation Total superannuation balance

The government can implement an additional super earnings tax, but do so without taxing unrealised gains by adopting a simpler method of calculating earnings.

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Estate Planning, Superannuation

Intestacy rules may prevent will dispute

Superannuation Estate planning Will Intestacy State rules

Superannuants should have a will, but state-based intestacy rules may sometimes deliver the same intended outcomes and avoid any disputes.

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Legislation, Tax

Div 296 tax labelled a shocker

Division 296 tax Unrealised capital gains Double taxation Shadow treasurer Angus Taylor Government Opposition

The proposed Division 296 tax has been described as a shocking move by the government and an unindexed wealth tax on Australians.

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Auditing

Valuation expectations may rise

Valuations SMSF auditors Division 296 tax

In preparation for the Division 296 tax, SMSF auditors should be requesting sworn valuations for property assets held within a fund.

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Legislation, Tax

New super tax will hit farmers hard

Farms Division 296 tax

Farms held within SMSFs will be heavily impacted by the Division 296 tax due to shifts in the value of underlying assets, with many viewing the impost as an attack on primary producers.

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Contributions

Contribution caps to increase

Superannuation Contribution caps Concessional Non-concessional Bring forward Total superannuation balance

Contribution caps will increase from the start of the new financial year, but other related thresholds will see a small decrease, creating potential traps for superannuants.

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SMSFA

Annual SMSF Association awards presented

SMSF Association annual awards

Annual awards recognising the significant contribution practitioners have made in servicing the SMSF sector were presented yesterday evening.

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ATO, SMSF, Superannuation

Illegal access nets $637 million

illegal early access superannuation SMSF ATO

An ATO review of illegal early access to superannuation via SMSFs has found an estimated $637 million left the system over a two-year period.

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SMSFA, Tax

Div 296 indexation change proposed

SMSF Association Indexation Teals Indexation Division 296 tax

An amendment to ensure the $3 million threshold for the proposed Division 296 tax will be subject to indexation is likely to be introduced into parliament.

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ASIC, financial advice

ASIC to review SMSF advice

ASIC SMSF establishment Financial advice Review Information Sheet 274

ASIC will conduct a review of SMSF advice with a particular focus on how advisers are meeting their obligations under guidance released in late 2022.

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