Key Details of Proposed Division 296 Legislation
Division 296 legislation introduces additional tax on super balances above $3 million, outlining new thresholds, tax rates and timing for affected high-balance super members.
$20k Instant Asset Write-Off Extended to 30 June for Small Business
The Government recently passed legislation to extend the $20,000 instant asset write-off for small businesses by 12 months to 30 June 2026.
Division 296 Super Tax Bill introduced to Parliament
The Division 296 super tax bill was introduced to Parliament this week, targeting balances above $3 million and increasing tax rates on future earnings from 1 July 2026.
Bill to reduce student debt now law
Legislation has recently been enacted which delivers on the 2025/26 Federal Budget announcement to reduce student debts.
Hope remains for $3M super tax changes
The SMSF Association remains hopeful that proposed legislation introducing a 30% tax on superannuation balances above $3 million (Division 296) may still be amended.
Tax Office clarifies Division 7A position
The ATO has clarified five common myths about Division 7A tax legislation.
Australia’s Digital ID Act and new Trust Exchange
Australia’s Digital Identity Revolution: Introducing Trust Exchange (TEx) and New Legislation Government Unveils Groundbreaking Trust Exchange Technology, Supported by Enhanced Digital ID Legislation for Greater Privacy and Security In a significant development for digital security and convenience, the Albanese Government has unveiled its plans for a groundbreaking digital infrastructure, aimed at transforming how Australians verify […]
What laws do SMSFs need to adhere to?
Navigating the Legal Landscape: Responsibilities of SMSF Trustees Understanding the Legislative Framework and Compliance Obligations for Self-Managed Super Funds As a trustee of a self-managed super fund (SMSF) there are responsibilities and rules you must follow. At the most fundamental level, you need to make sure your SMSF is functioning under the relevant laws. As a type of superannuation fund, trustees […]
Super contribution caps to rise
Prepare for Changes as Concessional and Non-Concessional Caps Rise What You Need to Know for 2025 The big news story for those contributing to super is that the contribution caps are set to increase from the 2025 income year. The concessional contribution cap will increase from $27,500 to $30,000. This ‘CC’ cap is broadly applicable […]
Updated tax cuts approved by both Houses
Starting 1 July, a wider range of taxpayers will benefit from tax reductions as the tax cuts bill proposed by Labor has successfully passed through the Senate. Key points On 25 January 2024, the Prime Minister announced that the Government would redesign the legislated Stage 3 tax cuts and increase the Medicare levy low-income thresholds. […]
