News : Legislation

Legislation, SMSF, Strategy, Tax

Withdrawals can determine $3m cap liability

Withdrawal Total superannuation balance Division 296 tax DBA Lawyers Bryce Figot

SMSF drawdowns can allow members to maintain a total super balance of $3 million or less and escape a Division 296 tax liability.

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Legislation, NALI/NALE

Parliament passes NALE bill

NALE Senate House of representatives Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 Parliament Stephen Jones

Changes to the NALE provisions will become law, with only the question of when they will take effect yet to be answered.

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Legislation, LRBA, Regulation

LRBAs forcefully defended

SMSF Association LRBA Division 296 tax Greens self-managed super limited recourse borrowing arrangements

The ability for SMSFs to use limited recourse borrowing arrangements has been defended amid renewed calls from some politicians to ban them.

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Legislation, LRBA, Tax

Greens use Div 296 support for LRBA ban

LRBA Greens Division 296 Parliament

The Greens are calling for a ban on the use of LRBAs by SMSFs as a condition for the party’s support for the Division 296 tax bill before parliament.

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Legislation, Superannuation, Tax

New tax labelled an SMSF attack

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

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

SMSF Association Senate Division 296

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

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

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

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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