News : Tax

Pensions, Tax

Reversionary pensions impact $3m cap

Pension Non-reversionary pension Death benefit Division 296 tax Total superannuation balance

SMSF members who are death pension recipients can expect to have a reduced Division 296 tax liability if the income stream was non-reversionary.

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Legislation, Tax

Original Div 296 bill not certain

Division 296 tax Parliament LRBA Limited recourse borrowing arrangement Peter Burgess

The SMSF Association has predicted there is an even chance the proposed Division 296 tax bill will be amended over concerns relating to its calculation method and unrealised gains.

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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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Superannuation, Tax

Early election could delay new tax

Division 296 tax Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) bill SMSF Self-managed superannuation SMSF Association NALE

The proposed Division 296 tax may not pass through parliament until 2025 if an election is announced in August.

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ATO, Compliance & Regulation, SMSF, Tax

New trust reporting rules in effect

SMSF Self-managed superannuation Unit trust Modernisation of Trust Administration Systems Annual return SMSF Association Tracey Scotchbrook

New ATO reporting rules for SMSFs receiving trust distributions are now in effect, impacting lodgements for the 2024 income year onwards.

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Contributions, Property, Tax

Mortgage debt shouldn’t sacrifice contributions

Concessional contributions Mortgage GSFM

Paying off a mortgage should not be seen as a reason for not making additional concessional contributions towards superannuation.

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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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