Despite these reassurances, industry leaders express increasing concern over the legislative delay. Peter Burgess, CEO of the SMSF Association, highlights that the government initially promised a 12-month grace period post-legislation to allow for adequate preparation. The risk of the tax being retroactively applied while the bill remains in limbo has sparked calls for the tax to be revisited within broader tax reform efforts.
Aaron Dunn, CEO of Smarter SMSF, points out ongoing ambiguity around the law's commencement date, given the proposed start for the Total Superannuation Balance (TSB) calculation on 1 July 2025. Dunn argues this uncertainty reflects unavoidable delays and pending work required in the Senate to finalise the bill’s enactment.
Nicholas Ali of Neo Super criticises the government's handling of the situation, suggesting that the Treasurer's remarks indicate a lack of urgency or commitment to resolving the existing legislative uncertainty. This sentiment echoes through the sector, with many interpreting the mixed messages as a lack of confidence in the bill's design and implementation strategy.
David Busoli of SMSF Alliance supports the Treasurer's stance on timing, noting the tax calculation requirements align with the government's timeline. However, there’s widespread acknowledgement that the persistent ambiguity adds undue strain on stakeholders tasked with preparation for the legislative changes.
The Div 296 delay underscores growing tensions between government policy timelines and industry readiness, highlighting a critical need for clearer communication and decisive action. As stakeholders await further developments, the call for comprehensive tax reform becomes increasingly pronounced.
