From www.smsfadviser.com: SMSF trustees must evaluate their personal circumstances regarding changes in response to the upcoming Division 296 tax, set to be implemented on 1 July 2025.

Consider actions to reduce balances below the $3 million threshold before the tax takes effect and model strategies to understand their impact.

Options include ensuring accurate asset valuations, withdrawing benefits before the tax implementation, or conducting in-specie transfers, each requiring careful analysis to avoid unintended tax consequences.