Subject to satisfying the relevant legislative requirements, individuals may be entitled to deduct financial advice fees from their assessable income under sections 8-1 or 25-5 of the Income Tax Assessment Act 1997 (Cth) (ITAA 1997).Tax Determination (TD) 2024/7 sets out the ATO’s views on how these provisions apply to financial advice fees. TD 2024/7 does [read more]
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]
One of the most significant tax concessions available to SMSFs is the exemption for income derived from assets supporting retirement phase pensions. Exempt current pension income (ECPI) can substantially reduce or eliminate the tax payable by a fund once members commence retirement phase income streams. However, the ECPI framework is often misunderstood. Advisers must navigate [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]
SMSF super splits, the tips and traps – Part 2 This is the second article in our series examining key technical issues that arise in SMSF superannuation splits following a relationship breakdown. Part 1 focused on the compliance and procedural requirements under Division 7A.2 of the Superannuation Industry (Supervision) Regulations 1994 (Cth) (SISR) and the Family [read more]
