On the last day of Parliament for the year, the Senate has agreed to split the ‘Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023’ to isolate the controversial Division 296 measure – being the proposed additional 15% tax on super balances exceeding $3 million from 1 July 2025. As a result, the Division 296 measure will be in a standalone Bill, the ‘Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill 2023’. This will be considered by the Senate upon the resumption of Parliament next year (currently scheduled for February 2025). ⚠️ Tax agents and advisors will have to stay tuned for further developments as there may be further changes that could impact superannuation strategies and compliance requirements for clients!
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What do we think we’re going to see in next weeks budget? Increase in standard fund threshold is a given I feel Creation of an Irish ISA? Reduction or introduction of limits to employer funding of PRSAs? Reduction or simplification of Capital gains tax / Life assurance exit tax? Changes in Inheritance thresholds? #financialplanning #wealthmanagement #irishtax #ireland #Tax #budget2025
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Practical Law asked leading tax experts, including London Tax Partners Daniel Lewin and Charlotte Sallabank, to share their views on the Autumn 2024 Budget, which included significant tax increases and has raised concerns among economists and the financial sector. Charlotte said that that “domicile is dead” and that it is a relief for tax practitioners, who will no longer have to explain that domicile is not the same as residence. Daniel called the Autumn Budget “not an easy pill to swallow…when all the individual measures are taken together (including changes to trust taxation and inheritance rules, and the significantly increased employer national insurance contributions).” Read more: https://bit.ly/3O6JhcO #UKBudget #UK #TaxPlanning #AutumnBudget
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Government initiatives like tax and superannuation reforms can be impactful, but often take time to become law. When changes are announced, individuals and businesses are left in limbo, navigating uncertainty until final legislation is enacted. Some recent proposed measures include: Division 296 Tax: Could bring an additional 15% tax on superannuation earnings over $3M. Concerns include unrealised gains, threshold limits, and liquidity challenges. Payday Super Reform: From July 2026, employers may need to make SG payments with each salary payment, instead of quarterly. Small Business Asset Write-Off: Uncertainty around the $20,000 asset write-off extension has impacted small businesses' planning and investments. Read more about these measures: https://lnkd.in/gHZuesD6 Got questions? Reach out to us at: https://lnkd.in/gtKiqBfV #TaxUpdates #Superannuation #Division296Tax #PaydaySuper #AssetWriteOff #SmallBusinessSupport
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What do we think we’re going to see in next weeks budget? Increase in standard fund threshold is a given I feel Creation of an Irish ISA? Reduction or introduction of limits to employer funding of PRSAs? Reduction or simplification of Capital gains tax / Life assurance exit tax? Changes in Inheritance thresholds? #financialplanning #wealthmanagement #irishtax #ireland #Tax #budget2025
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Class of 2026 Executive MBA UNC Kenan-Flagler Attorney at Katten Muchin Rosenman LLP
Practical Law asked leading tax experts, including London Tax Partners Daniel Lewin and Charlotte Sallabank, to share their views on the Autumn 2024 Budget, which included significant tax increases and has raised concerns among economists and the financial sector. Charlotte said that that “domicile is dead” and that it is a relief for tax practitioners, who will no longer have to explain that domicile is not the same as residence. Daniel called the Autumn Budget “not an easy pill to swallow…when all the individual measures are taken together (including changes to trust taxation and inheritance rules, and the significantly increased employer national insurance contributions).” Read more: https://bit.ly/3O6JhcO #UKBudget #UK #TaxPlanning #AutumnBudget
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Dedicated to effective advocacy for clients engaged in complex commercial litigation and alternative dispute resolution.
Practical Law asked leading tax experts, including London Tax Partners Daniel Lewin and Charlotte Sallabank, to share their views on the Autumn 2024 Budget, which included significant tax increases and has raised concerns among economists and the financial sector. Charlotte said that that “domicile is dead” and that it is a relief for tax practitioners, who will no longer have to explain that domicile is not the same as residence. Daniel called the Autumn Budget “not an easy pill to swallow…when all the individual measures are taken together (including changes to trust taxation and inheritance rules, and the significantly increased employer national insurance contributions).” Read more: https://bit.ly/3O6JhcO #UKBudget #UK #TaxPlanning #AutumnBudget
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Practical Law asked leading tax experts, including London Tax Partners Daniel Lewin and Charlotte Sallabank, to share their views on the Autumn 2024 Budget, which included significant tax increases and has raised concerns among economists and the financial sector. Charlotte said that that “domicile is dead” and that it is a relief for tax practitioners, who will no longer have to explain that domicile is not the same as residence. Daniel called the Autumn Budget “not an easy pill to swallow…when all the individual measures are taken together (including changes to trust taxation and inheritance rules, and the significantly increased employer national insurance contributions).” Read more: https://bit.ly/3O6JhcO #UKBudget #UK #TaxPlanning #AutumnBudget
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Legal Executive (MCILEx) working as fee earner as part of the Katten London Real Estate Team
Practical Law asked leading tax experts, including London Tax Partners Daniel Lewin and Charlotte Sallabank, to share their views on the Autumn 2024 Budget, which included significant tax increases and has raised concerns among economists and the financial sector. Charlotte said that that “domicile is dead” and that it is a relief for tax practitioners, who will no longer have to explain that domicile is not the same as residence. Daniel called the Autumn Budget “not an easy pill to swallow…when all the individual measures are taken together (including changes to trust taxation and inheritance rules, and the significantly increased employer national insurance contributions).” Read more: https://bit.ly/3O6JhcO #UKBudget #UK #TaxPlanning #AutumnBudget
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Retired at Australian Taxation Office
3wDiv 296 is fair and very much needed tax measure. At the moment a person with over $5 million sitting in super is only taxed at a concessional 15% tax on all investment earnings. What? The majority of Australians are unfairly and illogically helping/subsidising these very wealthy Australians get even wealthier. If the income was taxed at marginal rates it would be much higher. This legislation fairly taxes the investment earnings for a super account over $3 million buy an additional 15% to 30%.