News : Tax

Superannuation, Tax

$3m soft cap bill likely by mid-2024

superannuation earnings tax legislation

The government is likely to release draft legislation for the proposed $3 million superannuation earnings tax by early September, with the bill expected to pass through parliament in mid-2024.

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ATO, NALI/NALE, Tax

NALI interest ruling overturned

NALI interest income AAT

The AAT has ruled interest derived from a complex lending arrangement established by an SMSF trustee was not NALI despite the arrangements being at non-arm’s length.

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Contributions, Superannuation, Tax

$3m cap shouldn’t stop inflows

Contributions

Trustees should continue to contribute to their superannuation accounts as not doing so would not be a prudent strategy to adjust to the proposed super earnings tax.

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SMSF, Superannuation, Tax

Trustees dislike $3m soft cap

SMSF trustees $3 million tax

A recent sector survey has found nearly half of SMSF members believe the proposed $3 million soft cap is a bad policy initiative.

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Investments, Regulation, Tax

ASA welcomes franking credit decision

Franking credits

The Australian Shareholders’ Association believes the proposal to limit franking credits from capital raisings is unnecessary and requires clearer guidance to avoid unintended consequences.

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Regulation, Superannuation, Tax

Govt adamant about super tax elements

Superannuation earnings tax

The superannuation earnings tax is all but locked in and highly unlikely to change, with officials stating key aspects were non-negotiable.

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Superannuation, Tax

Soft cap risks double taxation

Super earnings double taxation

The earnings tax on superannuation balances above $3 million is a wealth tax and will subject fund members to a form of double taxation.

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ATO, Superannuation, Tax

Personal TBC data available in July

personal TBC

Super fund members will be able to access their personal TBC details less than two weeks after the start of the new financial year, but should promptly report any outstanding information.

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Superannuation, Tax

No new detail on $3m soft cap

$3 million super tax

There has been almost no new detail included in the 2023 federal budget regarding the proposed new tax on total super balances above $3 million.

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NALI/NALE, Superannuation, Tax

Budget draws mixed reactions

Budget reactions

The superannuation sector has praised the federal budget in relation to measures to make super fairer, but has called for clarification on certain provisions.

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