News

Tax

Death benefits may trigger Div 296

Death benefits, Division 296, income streams, total super balance, $3 million threshold, SMSF, self managed super, TSB, DBA Lawyers, Shaun Backhaus, Division 296 calculations, proportion of earnings, reversionary pension

The Division 296 tax will require a review of income streams that push total super balances close to the $3 million threshold.

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financial advice, Financial Planning

Advice fee deductibility guide issued

Financial advice fee, tax deductibility, guide, tax deduction, Financial Advice Association Australia, FAAA, Chartered Accountants Australia and New Zealand, CAANZ, CPA Australia, Institute of Public Accountants, ATO, Taxation Determination 2024/7, Sarah Abood, Phil Anderson

New joint guidance outlines three means by which advisers can calculate the apportionment of financial advice for tax purposes.

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SMSF, Tax

Assistant minister fails basic maths on tax

SMSF, self managed super, Division 296, concessional treatment, superannuation earnings, Accurium, Mark Ellem, Assistant Minister for Treasury, Andrew Leigh, $3 million, SMSF Professionals Day, tax rate, 30 per cent

An SMSF educator has noted errors made by an assistant minister about the Division 296 tax highlight its impact will be greater than first proposed.

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Contributions

Avoid post-return reallocations

SMSF, self managed super, contribution allocation, reallocation, annual return, false declaration, Heffron, Lyn Formica

Reallocating a contribution after financial statements have been lodged is unethical and may lead to penalties for those who engage in this behaviour.

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SMSF, Superannuation, Tax

Alternative Div 296 model possible

SMSF, self managed super, Division 296, calculation, unrealised capital gains, calculation, earnings, SMSF Alliance, David Busoli, total super balance, TSB, $3 million threshold, actual income

An alternative Division 296 calculation can used which does tax unrealised capital gains with an SMSF specialist noting it could be built around a model already in the bill.

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Investments, SMSF

Foreign stocks have increased SMSF appeal

SMSF, self managed super, trustees, investments, offshore, international equities, CMC Markets, Andrew Shade, diversification, direct shares, exchange-traded funds, ETF

SMSF trustees are looking to increase their investments in offshore markets to enjoy portfolio benefits from several different perspectives.

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SMSF, Superannuation, Tax

LRBAs off Division 296 table

SMSF, self managed super, Division 296, LRBA, limited recourse borrowing arrangement, Senate, Treasurer, Jim Chalmers, Greens, defined benefit schemes

The Treasurer has ruled out using LRBAs as a bargaining chip in seeking support in the Senate to pass the proposed Division 296 tax bill.

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NALI/NALE

Exact treatment for free trustee work

SMSF, self managed super, SMSF transaction, trustee services, Accurium, Anthony Cullen, Tax Ruling 2010/1DC2, contribution, value shifting

Care must be taken as to the treatment of an SMSF transaction where a trustee provides the fund with a professional service without charging for it.

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SMSF, SMSFA

New tax has not quelled growth

SMSF, self managed super, Division 296, SMSF Association, ATO statistics, SMSF quarterly statistical report, new funds, growth

The latest ATO data indicates the growth of the SMSF sector has not been diminished by the proposed Division 296 tax.

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SMSF, Superannuation, Tax

Don’t break laws avoiding super impost

SMSF, self managed super, Division 296, superannuation, withdrawal, McCullough Robertson, Hayley Mitchell, $3 million, condition of release, superannuation balance, asset valuations, legislation

SMSF members reducing their retirement savings balance below $3 million to avoid the Division 296 tax must remain within the super laws and avoid rash moves that breach them.

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