Paying Div 293 tax from your SMSF
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Since the introduction of ATOs’ Super Stream the process of paying Div 293 tax has caused much confusion.
The reason being that in the past, Div 293 payments could be made by the Trustees from the SMSF’s bank account directly to the ATO.
However, from the 1st of September 2022 Trustees have had to make an election via their MYGOV login to release the payments from their SMSF. Only once the SMSF receives the release authority from the ATO can the payment then be made.
With the Federal budget looming in May, it is likely that the Div 293 threshold is reduced which would mean that more members and Trustees are likely to be receive Div 293 notices going forward.
To help guide advisers and Trustees through this process, AAS has put a one-page document explaining the process and how to lodge a Div 293 election via the MYGOV portal.