$3m cap offers no revenue relief - SMS Magazine

Oct 10, 2023 · Superannuants will not receive any relief from the revenue calculation associated with the $3 million soft cap in the event of a tax liability. Individuals caught by the proposed tax …

CouponFollow Extension

$3
OFF

$3m Cap Offers No Revenue Relief - SMS Magazine

1 week from now

smsmagazine.com.au

$3
OFF

SMSF Members Cautioned Not To Act Propitiously Re $3m Cap

1 week from now

Feb 22, 2024 · Burgess added indexation of the $3m cap could easily be added and the proposed calculation of earnings could be simplified, and the taxation of unrealised capital gains …

smsfassociation.com

$3
OFF

$3m Cap Issue With Reserves - SMS Trustee News

1 week from now

Jan 25, 2024 · The treatment of reserve allocations to members for the purpose of the $3 million soft cap is problematic and can have significant adverse outcomes. ... $3m cap issue with …

smstrusteenews.com.au

$3
OFF

‘Retrospective’ Tax Issues Flagged With $3m Threshold For Super

1 week from now

Mar 1, 2023 · A. A. A. The government should provide CGT relief for those impacted by the $3 million threshold to prevent capital gains being taxed retrospectively, says a policy expert. …

smsfadviser.com

$3
OFF

$3m Soft Cap Draft Bills Released - SMS Trustee News

1 week from now

Oct 6, 2023 · “The Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill reduces the tax concessions for individuals with a total superannuation balance (TSB) …

smstrusteenews.com.au

$3
OFF

$3 Million Tax Discrimination Called Out - SMS Trustee News

1 week from now

Apr 21, 2023 · The government has been accused of showing bias against SMSFs in its proposal to implement a $3 million soft cap on superannuation members. The SMSF Association has …

smstrusteenews.com.au

$3
OFF

$3 Million Tax Impact Significant - SMS Magazine

1 week from now

Jun 15, 2023 · The latest research into the SMSF sector has found advisers are anticipating the proposed new tax on individuals with a total super balance in excess of $3 million will impact …

smsmagazine.com.au

$3
OFF

The $3 Million Dollar Question – Hard Or Soft Cap?

1 week from now

Mar 10, 2023 · A. A. A. Details on the $3 million super tax changes and potential impacts for SMSF clients. On 28 February 2023, a joint press release from the Federal Treasurer and …

smsfadviser.com

$3
OFF

Repeated Call To Fix Soft Cap Error - SMS Trustee News

1 week from now

Mar 8, 2024 · The SMSF Association is making another call for the government to fix what it describes as an obvious flaw in the bill tabled to enable the introduction of the $3 million soft …

smstrusteenews.com.au

$3
OFF

Think The New $3m Super Cap Won’t Affect You? Here’s How It Could

1 week from now

Mar 24, 2023 · The reality for today’s 30-year-old is that a $3 million cap will be worth about $1 million when they leave the workforce. However, the law of unintended consequences is …

smsfconnect.com

$3
OFF

Last Chance To Change $3m Soft Cap Bill | SMS Magazine

1 week from now

Dec 11, 2023 · Institute of Financial Professionals Australia head of superannuation and financial services Natasha Panagis said as a result of this referral, the SMSF sector would put forward …

smsmagazine.com.au

$3
OFF

The $3m Cap For Super Tax Concessions - SMSF Adviser

1 week from now

Apr 13, 2023 · Alternate option 1: Base amount is TSB excess over $3m at end of income year (no proportion of earnings) Excess over cap is calculated as: Year end TSB -$3m + …

smsfadviser.com

$3
OFF

$3m Soft Cap Bill Likely By Mid-2024 - SMS Trustee News

1 week from now

Aug 11, 2023 · The government may release draft legislation for its planned $3 million superannuation earnings tax by September, with the bill in place by mid-2024. ... $3m soft cap …

smstrusteenews.com.au

$3
OFF

More Admin Pain From $3m Soft Cap - SMS Magazine

1 week from now

Feb 19, 2024 · A technical expert has forecast the proposed $3 million soft cap is more than likely to add significant administration procedures and costs for SMSF trustees and practitioners. …

smsmagazine.com.au

$3
OFF

$3m Soft Cap Liquidity Risk Proven - SMS Magazine

1 week from now

Oct 11, 2023 · Research commissioned by the SMSF Association into the proposed new tax on total super balances above $3 million has found of the forecast 80,000 individuals the measure …

smsmagazine.com.au

$3
OFF

$3m Soft Cap Contains Death Glitch - SMS Magazine

1 week from now

Nov 6, 2023 · An SMSF technical expert has highlighted an anomaly contained in the draft legislation for the implementation of the $3 million soft cap with regard to superannuation fund …

smsmagazine.com.au

FAQs about $3m cap offers no revenue relief - SMS Magazine Coupon?

What could Burgess do with the $3M cap?

Burgess added indexation of the $3m cap could easily be added and the proposed calculation of earnings could be simplified, and the taxation of unrealised capital gains substantially removed, by replacing the proposed complex formula and system of carried forward negative earnings, with a rate which more closely resembles taxable earnings. ...

Should SMSF members take a deep breath if $3M Super Tax becomes law?

In her plenary address titled $3m super tax: Beyond the doom and gloom, Heffron said SMSF members should take a deep breath before taking any precipitous action if the proposed legislation becomes law. ...

When will SMSF's $3 million cap become law?

SMSF Association CEO Peter Burgess, in his plenary address titled Leading through change: SMSF legislative and technical update, told delegates that they could expect the $3 million cap to become law by 30 June this year. ...

How hard is it to get a $3 million SMSF?

Heffron reminded her audience that getting to $3 million was much harder than it used to be. “Many clients will never get there and still see value in their SMSF, appreciating they are a genuine platform for their retirement savings strategy. ...