superannuation and trusts

The SMSF Association has welcomed Ben Taylor, Managing Director of Oxygen Capital Group, to its Board, effective January 1, 2026. Taylor brings significant strategic and technical expertise in financial services, innovation, and digital transformation, particularly relevant to the evolving SMSF sector. His appointment aims to enhance the Board's capabilities. Oxygen Capital is a lender specializing in SMSF solutions. The appointment follows the retirement of long-serving directors Michael Houlihan and Bernie Ripoll.

The revised Division 296 tax, aimed at taxing actual realised gains rather than unrealised gains, is expected to be more complex to implement than the original proposal. Key challenges include accurately calculating realised gains and capital gains, and determining the treatment of defined benefit pensions. Experts note that attributing earnings to individual members, especially for industry funds, will require significant effort, moving from a total super balance (TSB) approach to a more complex fund-level taxation model applied to individuals. The new rules will also necessitate the use of two cost bases for assets – one for Division 296 purposes and another for standard capital gains tax – adding administrative complexity and potentially mirroring difficulties seen with the transfer balance cap introduction.