News : Legislation

New tax labelled an SMSF attack

May 20, 2024

Parliament Division 296 tax Kylea Tink Indexation Independents

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.

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Legislation, SMSFA, Tax

Govt funds own Div 296 operation

Division 296 tax Defined benefit interests Federal budget SMSF Association

May 15, 2024

Jason Spits

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

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Legislation, SMSFA, Tax

Div 296 hearing suboptimal

May 6, 2024

Jason Spits

The SMSF Association has labelled its time at a Senate inquiry into the proposed Division 296 tax as disappointing with limited time to address problems with the draft legislation.

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Legislation, SMSF, SMSFA, Tax

New tax policy rushed and flawed

Division 296 tax SMSF Association Senate

March 25, 2024

Jason Spits

Government plans to introduce a superannuation earnings tax for total super balances over $3 million have been rushed and remain flawed.

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Legislation, SMSF, Tax

New super tax labelled a shocker

Division 296 Unrealised capital gains Indexation Angus Taylor

February 26, 2024

Darin Tyson-Chan

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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Legislation, SMSFA, Tax

Indexation change proposed for Div 296

Division 296 Indexation Cap SMSF Association

February 26, 2024

Todd Wills

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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Legislation, SMSF, Superannuation, Tax

$3m cap issue with reserves

Total superannuation balance $3 million soft cap tax Superannuation reserves Concessional cap

January 25, 2024

Darin Tyson-Chan

The treatment of reserve allocations to members for the purpose of the $3 million soft cap is problematic and can have significant adverse outcomes.

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Financial Advice, Legislation

Reform of financial law badly needed

ALRC Financial services industry Financial services law

January 25, 2024

Jason Spits

Financial services and corporations legislation is overly complex and in dire need of reform with a government agency recommending widespread changes.

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Compliance & Regulation, Legislation

Digital document authorisation approved

Document execution Digital authorisation myGov SMSFA

January 12, 2024

Todd Wills

From the start of this year, individuals now have the option of using two digital methods to execute statutory declarations in addition to a traditional paper-based approach.

Examination of SMSF retirement income role

Retirement income covenant Superannuation Treasury SMSF

December 15, 2023

Jason Spits

The government will examine how superannuation is being used in retirement and has asked how SMSFs are managing risks and maximising income for members.

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