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Craig Day, Kim Guest and Peter Wheatland discuss the latest technical news including an update on the proposed Division 296 tax, guidance issued by the FAAA on the deductibility of financial advice fees, the Centrelink deeming rate freeze and 3 tips to make the end of financial year go smoothly.

For more information see the FirstTech article 2024-25 end of financial year strategies

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Craig Day is joined by SMSF Association CEO Peter Burgess to unpack the revived Division 296 super tax proposal.

In this episode they clarify how the tax works, including the controversial inclusion of unrealised capital gains, and what advisers need to consider now.

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Craig Day and Kim Guest discuss the process of updating investment balances with Centrelink, including account based pensions, super in accumulation phase, shares, managed funds and bank balances.

Does a client need to update Centrelink or does Centrelink receive the updated values automatically?

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Where an SMSF paying an account based pension fails the pension standards such as not paying the minimum annual payment, it can have significant consequences.

The can include increased fund tax liabilities and the merger of a members different super interests. In addition, following recent ATO guidance it could also trigger a range of transfer balance cap issues and require trustees to navigate significant additional complexity.

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As we approach the end of the financial year, it's a great time to review year-end super strategies and get ready for the new financial year.

Craig Day and Linda Bruce.

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Craig Day and Tim Sanderson discuss the minimum annual payment requirements for account based pensions in a variety of circumstances including partial commutations, full commutation and rollover, or where a client dies part way through a financial year.

For more information see the FIrstTech article Minimum payment requirement when commuting account-based pensions.

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