News : Legislation

Legislation, SMSF, Superannuation, Tax

Div 296 tax bill still not passed

The Division 296 tax bill has not been passed in the Senate after it was omitted from the order of business for the current sitting period.

The Division 296 tax bill has not been passed in the Senate after it was omitted from the order of business for the current sitting period.

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Legislation, Tax

New tax deliberately deceptive

A leading industry figure has accused the federal government of intentionally misleading the public as to who the new super tax will really impact.

A leading industry figure has accused the federal government of intentionally misleading the public as to who the new super tax will really impact.

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Legislation, Regulation, Tax

Govt’s $3m cap claims countered

Division 296 Jim Chalmers Peter Burgess SMSF Association

The SMSF Association has rejected the latest justification Treasurer Jim Chalmers has made regarding contentious elements of the Division 296 tax.

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Legislation, SMSF, Superannuation

Financial abuse risk higher for SMSFs

A parliamentary committee has called for a review into how superannuation is used to engage in financial abuse, noting the structure of SMSFs raises the risk of one member abusing another.

A parliamentary committee has called for a review into how superannuation is used to engage in financial abuse, noting the structure of SMSFs raises the risk of one member abusing another.

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Legislation, Superannuation

Objective of super now law

The legislation to enshrine an objective for superannuation has passed through parliament as part of a flurry of bills approved before the Senate ended its business for the year.

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Legislation, SMSFA

AML laws need SMSF sensitivity

Anti-money laundering Counter-terrorism funding SMSF Accountants SMSF Association Professional service providers

An expansion of anti-money laundering laws should not view accountants as the registered address of an SMSF as a cause for concern and exempt the activity from the changes.

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Legislation, Tax

Not right to pay tax on what you’ve never had

SMSF Unrealised capital gains Division 296 tax self-managed superannuation

The proposed policy to tax the unrealised gains of individuals with total super balances over $3 million has significant implications for the economy.

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Legislation, Tax

Govt keeps justifying super tax

Stephen Jones SMSF Division 296 tax Super tax

The Minister for Financial Services has told APRA funds and investment managers its plans to lift taxes on high super balances are fair and part of a wider agenda around equity in the system.

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Legislation, Superannuation, Tax

Lower house passes Div 296 bill

Division 296 tax SMSF Association Bill House of Representatives

The Division 296 or $3 million soft cap bill will progress to the Senate after the government voted down amendments in the lower house.

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Legislation, Pensions

Legacy pension fix announced

Legacy pensions Reserve allocations Stephen Jones

The government has released plans to address outstanding issues with legacy pensions including the ability to extinguish associated reserves.

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