From www.accountantsdaily.com.au: The Institute of Public Accountants warns that the introduction of Division 296 tax will increase administration and audit costs for super funds, especially those holding illiquid assets or defined benefit funds.

There will be a need for precise valuations for crucial tax calculations based on changes in members’ total superannuation balances.

The added administrative costs will be shared among all members of APRA-regulated funds, even if they are not directly impacted by the tax changes.