From www.heffron.com.au: The article discusses the implications of Division 296 tax for individuals with more than $3 million in superannuation, particularly focusing on those receiving legacy pensions and potential reserve allocations.

It highlights the urgency for affected SMSF members to consider their options before the impending legislation deadline, emphasising the complexities around calculating total super balances and tax liabilities.

Caution is advised in making financial decisions, as the specifics of how reserve allocations will be treated under the new tax rules remain unclear.