NEWS

The draft regulations for the new super tax clarify that death does not remove Division 296 exposure. Instead, earnings attributable to the deceased member’s interest continue to be assessed, even after death, until the benefit is fully dealt with. Peter Burgess, CEO of the SMSF Association, said a key concern in the draft regulations  is post-death attribution of earnings.  “Applying tax to earnings after death is a significant outcome that wasn’t clearly evident from the le

The Division 296 bill may have passed through Parliament but there are still a lot of unknowns as to the operational elements. Peter Burgess, CEO of the SMSF Association, said the sector remains concerned about the unintended consequences, complexity, and long-term effectiveness of the tax. “Significant industry effort and costs will now be required to implement and explain a tax that may ultimately have only a limited and diminishing revenue base,” Burgess said. “The legisla

The Building a Stronger and Fairer Super System Bill has passed both houses of Parliament. At around 8pm yesterday the bill passed the Senate with a vote of 33 for and 22 against. Peter Burgess, SMSF Association CEO, told SMSF Adviser time will now tell how much revenue the new Division 296 tax will actually collect versus the cost of its implementation. After being passed through the House of Representatives late last week, the bill was put before the Senate early yesterday