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Total Superannuation Balance

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The Division 296 tax is still a quasi-wealth tax

The latest draft legislation may be an improvement but it still has the whiff of a wealth tax about it. The question remains whether a golden opportunity for simpler and fairer super tax reform has been missed.

No, Division 296 does not tax franking credits twice

Claims that Division 296 double-taxes franking credits misunderstand imputation: franking credits are SMSF income, not company tax, and ensure earnings are taxed once at the correct rate.

Meg on SMSFs: Adjusting to the new tax on super over $3 million

It started out as a simple idea, but the closer the implications of the new $3 million super tax are examined, the more complex it becomes. It may require thinking differently about investments after 30 June 2025.

Meg on SMSFs: Total Super Balance quirks unpacked

The Total Superannuation Balance (TSB) may sound self explanatory but many people with large super balances are about to care far more about exactly what goes into a TSB. And there are some quirks to understand.  

Most people (and the ATO) do not know their super tax

  No entity holds a consolidated view of the taxable income of super, not even the ATO. So Treasury and the Treasurer adopted a simple method to impose a new tax, and the adverse consequences then started to surface.

In fact, most people have no super when they die

Contrary to the popular belief supported by the 'fact base' of the Retirement Income Review, four in every five Australians aged 60 and over have no super in the period up to four years before their death.

Indexation complication! Four changes you need to know

Several superannuation thresholds will be indexed from 1 July 2021, and it's critical to check the new opportunities to put more into the tax advantages of super. Some of the calculations are tricky, others easy.

How SMSFs should manage the Total Superannuation Balance

The Total Superannuation Balance is an important factor in changes to super and SMSF rules that took effect in the current financial year. Understanding the rules can maximise superannuation opportunities.

Why 'total superannuation balance' is important for SMSFs

In addition to the $1.6 million transfer balance cap, SMSF members should also understand the concept of ‘total superannuation balance’ to stay within the rules and make the most of contribution opportunities.

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Ray Dalio on 2025’s real story, Trump, and what’s next

The renowned investor says 2025’s real story wasn’t AI or US stocks but the shift away from American assets and a collapse in the value of money. And he outlines how to best position portfolios for what’s ahead.

Making sense of record high markets as the world catches fire

The post-World War Two economic system is unravelling, leading to huge shifts in currency, bond and commodity markets, yet stocks seem oblivious to the chaos. This looks to history as a guide for what’s next.

3 ways to fix Australia’s affordability crisis

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Is there a better way to reform the CGT discount?

The capital gains tax discount is under review, but debate should go beyond its size. Its original purpose, design flaws and distortions suggest Australia could adopt a better, more targeted approach.

How cutting the CGT discount could help rebalance housing market

A more rational taxation system that supports home ownership but discourages asset speculation could provide greater financial support to first home buyers.

Welcome to Firstlinks Edition 648 with weekend update

This is my last edition as Editor of Firstlinks. I’m moving onto a new role though the newsletter will remain in good hands until my permanent replacement is found.

  • 5 February 2026

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