It was great to see some of you at the SMSF Association’s National Conference in Melbourne last month. If you missed Lyn’s excellent workshop on non arm’s length income / expenses (NALI / NALE), it’s now available on the Association’s online platform and given what a moving feast this is, I would highly recommend viewing it.
As I often do, I’ve made the mistake of dividing life into “things I’ll do before the conference” and “things I’ll do after it”. That feels great when you’re deferring work into the future but it inevitably makes March pretty busy. And this month we’ve added two extra webinars to keep ourselves occupied. Leigh Mansell and I will be exploring the new rules for legacy pensions (5 March) and reserves (6 March). Judging from the responses we’ve had to those two webinars, these new rules are catching a lot of interest. In fact we’ve created a page on the Heffron website to bring our blogs on this topic together in one place and highlight where we can help you or your clients (Legacy Pensions and Reserves).
Of course we have a number of other events in March – our Death Benefits Masterclass (all the practical tips for dealing with one of the most challenging moments in SMSFs), the next in our Super in 60 series (super for non SMSF people), and another SMSF Clinic (live Q&A with our experts).
But one event I think is definitely uncertain is our Post Budget Webinar. You might remember the Government changed the timing of the 2025 Federal Budget late last year. It’s currently slated for 25 March 2025 rather than the usual slot of the second Tuesday in May. So Heffron’s technical team is ready to go: the insight-enabling snacks have been purchased, post analysis wine is in the fridge and laptops are at the ready for a long night on 25 March (followed by a webinar on 26 March). But I do wonder whether an election will be called in the meantime? If that happens, Parliament rises immediately which would mean no Budget in March, no matter who wins. If there’s a change in Government, I can’t imagine the new crew being ready in time for a May 2025 budget either. So, who knows what will happen?
In all this uncertainty there is one silver lining. If / when an election is called, all legislation not yet through both houses will lapse. I’m obviously hoping the Division 296 tax Bill is in that pile of unfinished business. The Government remains very committed to this tax and it definitely needs the tax revenue. If the ALP is returned, I assume they would look to bring something like this forward again, even if its introduction is delayed. But perhaps we can hope for some sensible changes?
Who knows – March is certainly shaping up to be a month in which a lot will happen.