From theconversation.com: The Albanese government plans to increase the concessional tax rate on superannuation account earnings in the accumulation phase from 15% to 30% for balances over A$3 million, affecting about 80,000 account holders.… read more
From www.investordaily.com.au: Family offices have surpassed superannuation funds as the dominant group of active private capital investors, constituting 40% of this market in 2024, compared to super funds’ 13%.… read more
From www.accountantsdaily.com.au: Experts advise the SMSF sector to avoid making significant changes until the final Division 296 tax legislation is passed, following the recent election where the Labor government retained power.… read more
From www.smsfadviser.com: Peter Burgess, CEO of SMSF Association, expressed optimism about potential changes to the controversial Division 296 super tax legislation, despite industry beliefs that it will pass soon.… read more
From financialnewswire.com.au: The Financial Advice Association of Australia argues that retirement planning advice is inherently complex and expensive, and should not be delivered through a collectively charged model by superannuation funds.… read more
From accurium.com.au: SMSF pensions offer individuals control over retirement savings with tailored investment strategies and flexibility in managing income streams.
It’s crucial to comply with pension rules and stay informed about legislative changes to avoid common pitfalls.… read more
From sladen.com.au: The proposed Division 296 tax, which would impose an additional 15% tax on superannuation balances exceeding $3 million, is expected to commence on July 1, 2025, despite calls for deferral.… read more
From www.dbalawyers.com.au: Australia’s Labor Government aims to implement a new tax on unrealised capital gains through the proposed Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill 2023, introducing Division 296 into the Income Tax Assessment Act 1997.… read more
From www.smsfadviser.com: Advisers and trustees must understand key aspects of their superannuation funds before implementing tax-saving strategies.
Critical factors include a member’s available cap space, which depends on whether previous tax returns are lodged and their total super balance as of June 30.… read more
From smsmagazine.com.au: Division 296 tax is expected to become law, impacting superannuation balances over $3 million starting 1 July 2025.
The timing and implementation remain uncertain, requiring superannuants to stay informed and potentially adjust their strategies.… read more
From www.pitcher.com.au: As the June 30 deadline approaches, individuals are encouraged to review their superannuation contributions to maximise available caps and benefits, particularly focusing on concessional contributions, which are capped at $30,000 and can be tax-deductible.… read more
From www.heffron.com.au: Div 296 of superannuation legislation is being reconsidered, with potential implications for individuals with superannuation balances over $3 million starting from July 2025.… read more
From www.bantacs.com.au: Investment property sales usually involve careful superannuation planning due to potential capital gains tax liabilities.
Taxpayers can make concessional contributions to superannuation to mitigate these gains, but must be aware of contribution caps, age restrictions, and timing related to property contracts.… read more
From www.bantacs.com.au: Selling an investment property often results in significant capital gains, which can incur high tax liabilities; therefore, strategic planning around superannuation contributions is essential to mitigate these taxes.… read more
From www.smsfadviser.com: Clients may benefit from delaying the commencement of an income stream due to the general transfer balance cap being indexed to $2 million.… read more