FirstTech Podcast

Craig Day and Tim Sanderson discuss the recently introduced Division 296 tax bill which proposes to levy additional taxes on the superannuation earnings of members with total super balances in excess of $3m.While some aspects of the new Bill are similar to the original proposals, the proposed new rules also include some significant changes, which will have important implications for clients and their advisers.

Craig Day, Tim Sanderson, Alex Denham and Kim Guest discuss the latest technical news:Indexation of the transfer balance cap from 1 July 2026 - things to watch out forIndexation of the contribution caps - potential strategy opportunitiesBrief discussion on Division 296 bill currently before ParliamentIncrease to Centrelink deeming rates on 20 March Recent report on Support at Home waiting times

Craig Day and Kim Guest answer our question of the month, which discusses situations where a client receives an excess non-concessional contribution determination and are trying to figure out what went wrong. The answer may surprise you.

A client who has lived and worked outside Australia may have an overseas retirement scheme they wish to transfer to an Australian super fund or bank account. If the overseas retirement scheme qualifies as a foreign super fund, a lump sum transfer from the scheme can receive tax concessions under the Australian tax law. However many overseas pension schemes, such as the mainstream retirement plans in the US and Canada, are treated by the ATO as foreign trusts, as they fail to meet the definition of a foreign super fund. Craig Day and Linda Bruce discuss the taxation implications.

Craig Day, Sina Heng and Kim Guest discuss the latest technical news: Will the general transfer balance cap increase on 1 July 2026? Where are the proposed changes to Division 296 tax up to? Proposed changes to LISTO ATO private ruling on whether an adult child qualifies as a tax financial dependent for super death benefit tax purposes Updates to the government's My Aged Care website

On 13 October 2025, the Treasurer announced significant changes to the yet to be legislated Division 296 tax rules – which proposes to tax the earnings attributable to a person’s total super balance over $3m at higher rates. In this podcast we discuss the proposed changes, what they could potentially mean for impacted members and funds, and outstanding uncertainties where further clarity is needed.

Craig Day and Linda Bruce answer our question of the month, which discusses what happens where a member/trustee of an SMSF undertakes work on a fund asset that they technically need to charge for to avoid the fund incurring a non-arm’s length expense. 

Craig Day and Kim Guest answer our question of the month, which discusses a situation where a client has moved overseas and is considering selling their former main residence in Australia. Will they qualify for the main residence exemption?