With Div 296 now commencing from 1 July 2026 many advisers and trustees are asking us: ‘Do I need to update my deed?’. As usual, the answer is not straightforward. What is Div 296? Generally speaking, tax outcomes for an SMSF are driven by the relevant legislation and regulations, with the deed having a more [read more]
In Hunt, in the matter of Hunt (bankruptcy) [2026] FCA 389, McDonald J of the Federal Court considered yet another application by an undischarged bankrupt for orders permitting him to continue to act as director of a corporate trustee of a self managed superannuation fund (SMSF). Bankruptcy has immediate consequences under both the Corporations Act [read more]
This is part 4 of our series of articles on key issues relating to family trust elections (FTEs) and interposed entity elections (IEEs). In this article, we outline the imposition of family trust distribution tax (FTDT) and the general interest charge (GIC). Broadly, distributions made outside of the relevant family group by an entity that [read more]
This is Part 3 of our series of articles on key issues relating to family trust elections (FTEs) and interposed entity elections (IEEs). In this article, we examine the meaning of ‘distribution’ for the purposes of the relevant provisions of Schedule 2F of the Income Tax Assessment Act 1936 (Cth) (ITAA 1936). Distributions made outside of [read more]
Many SMSF clients want to understand how the new Division 296 tax might work. We have found that it can be difficult to succinctly communicate this in practice. However, we hope we can provide a helpful tool! The tools are the following formulas. These formulas provide a succinct summary of how the new tax might [read more]
The Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill 2025 was released on 19 December 2025 for members with superannuation balances over $3 million. The closing date for feedback on the revised exposure draft legislation was 16 January 2026 and The Tax Institute made a comprehensive submission on the revised provisions. The revised provisions include [read more]
This is Part 2 of our series of articles on key issues relating to family trust elections (FTEs) and interposed entity elections (IEEs). Part 1 provided a general overview of FTEs, the family group and the ATO’s recent increased focus in this area. In this article, we examine IEEs, revoking an election and lost election [read more]
Under the Duties Act 2000 (Vic) (Duties Act), when someone (including a company) obtains real property in Victoria, land transfer duty is ordinarily payable based on the dutiable value of the land. It is a common law right in Victoria for a purchaser described on a contract of sale to later nominate another entity to [read more]
Background On 13 October 2025, Treasury announced changes to the proposed ‘Better Targeted Superannuation Concessions (BTSC). These proposed laws, typically referred to as the Division 296 (Div 296) tax will be inserted in the Income Tax Assessment Act 1997 (Cth) (ITAA). On 14 October 2025 a Fact Sheet providing more information on these changes was [read more]
The recent Victorian Civil and Administrative Tribunal (VCAT) decision in Tao v Commissioner of State Revenue (Review and Regulation) [2024] VCAT 637 (Tao) illustrates that a person can incur duty when they acquire control of a landholder (eg, including a change in the directorship and/or shareholding of a trustee company). This can occur even without [read more]
