Project update
Progress to implement Division 296, including design of notices of assessment, online services and supporting guidance was provided and ser testing of key features is commencing.
We are preparing to publish updated web content from 1 July, including changes to total super balance information and new Division 296 content for individuals, self-managed super fund and Australian Prudential Regulatory Funds.
Development of public advice and guidance is continuing, with consultation feedback helping to prioritise focus areas.
The group will be given outcomes from the April workshop and an updated facts and questions document to support ongoing consultation and transparency.
Capital gains tax election form
The group provided feedback on the draft capital gains tax election form that the ATO will consider as part of further design and refinement.
Successor fund transfers
The group discussed the application of Division 296 tax reporting in successor fund transfer scenarios, including roles, data requirements, and timing of reporting.
There was broad agreement that transferring funds are best placed to calculate and report relevant earnings, as successor funds may not have access to the required data.
Members highlighted practical challenges where funds have wound up, including access to data, systems and resources needed to meet reporting obligations.
The ATO will continue to work with the group to:
- refine the process for identifying impacted members
- consider interim reporting approaches ahead of system availability
- clarify roles and responsibilities under the law.