From www.smsfadviser.com: The controversial Division 296 tax has officially lapsed following the failure of the Better Targeted Superannuation Bill to pass the Senate before the election announcement.

Peter Burgess, CEO of the SMSF Association, stated that this development removes the reliance on a Coalition government to repeal the legislation if they win.

The election is set for May 3, and the Albanese government will need to address community concerns regarding taxing unrealised capital gains in their campaign.