Flaws in the bill tabled to introduce the proposed 15 per cent tax for total super balances over $3 million continue to surface.

Division 296 tax becoming a reality has led to some SMSF trustees looking at practices which may have a negative impact on them and the sector.

The 3 May election has returned the Albanese government which will also result in the likely reappearance of the Division 296 tax on superannuation balances with its path through parliament now facing less hurdles.

The fate of the Division 296 tax is facing different challenges and scenarios in the face of the upcoming federal election.

A determination by AFCA may force SMSF trustees viewed by regulators as wholesale investors to exit assets purchased under that definition with questions being asked about how investors with significant assets should view themselves.

The government’s efforts to pass the Division 296 tax bill have come down to making wild claims about its widespread acceptance while engaging in back room deals to garner support, highlighting the fact the bill is not popular at all.

A court case APRA has brought against the director of an industry fund has highlighted the policy priorities of Canberra.

A flurry of activity in Canberra last week saw a raft of bills pass through parliament including the objective of superannuation while the Division 296 bill was placed on the back-burner, which for the moment is a win for the SMSF sector.

A recent letter writing campaign to SMSFs with unchanged valuations is symbolic of the ATO’s desire for trustees to get their house in order around the routine, daily operations of their fund.