News : Tax

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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ATO, Documentation, Tax

Annual return reminder issued

SMSF trustees have been reminded to lodge their SMSF annual return with the ATO’s February deadline drawing closer.

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Pensions, Tax

Legacy pension exits linked to Div 296 bill

Legacy pensions Division 296 bill Colonial First State Craig Day SMSF Self-managed superannuation

A plan to allow legacy pension exits may be derailed if the Division 296 tax does not become a reality as the former is designed to ease the application of the latter.

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SMSF, Tax

Div 296 tax just about dead

SMSF Association Peter Burgess Division 296 tax

The Division 296 tax bill is unlikely to progress any further through the Senate, but the government has yet to admit it is permanently stalled.

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NALI/NALE, Regulation, Tax

NALI tax allocation has flexibility

NALI Tax penalty SIS Regulations Accurium Mark Ellem Anthony Cullen

SMSF trustees cannot rely on the SIS Regulations to determine whether a NALI liability has to be allocated to a particular superannuation interest.

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Australian Shares, International Shares, Tax

Share volatility shows Div 296 severity

The Division 296 tax could lead to particularly unfair outcomes in situations where SMSFs hold certain equities that experience significant fluctuations.

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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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