SMSF's Seminar and Superannuation Division 296 Update

We recently hosted an insightful seminar on Self-Managed Super Funds (SMSFs), where valuable knowledge was shared by our expert presenters. The session covered everything from SMSF setup to compliance, and we were thrilled by the positive feedback from attendees who left with a deeper understanding of managing their own super. Thank you to our presenters for delivering such a comprehensive session! If you missed out, stay tuned for our upcoming events – we’ve got more great learning opportunities lined up for 2025.

As part of our commitment to keeping you informed about important changes in superannuation, we wanted to share an update on the proposed Division 296 tax. This potential new tax will apply to individuals with superannuation balances exceeding $3 million at the end of the financial year (starting with 30 June 2026 for its first year).

Key Insights on Division 296

If enacted, Division 296 will introduce an additional tax, separate from existing fund and personal taxes. Here’s a quick summary of how it will work:

Who Is Affected?

Division 296 will apply only to individuals with superannuation balances over $3 million at the end of the financial year.

How Will It Be Calculated?

The tax will be calculated as 15% of a specific proportion of superannuation earnings (Please note that terms are still being clarified).

Personal Tax, Not Fund Tax

Unlike current super taxes, Division 296 is a personal tax, issued to the individual (or their tax agent) rather than the super fund. Individuals will have 84 days to pay the tax and can choose to pay it personally or have the amount released from their super fund.

We understand this new tax may add complexity to your superannuation planning. Our team is here to help clarify how Division 296 might impact you and discuss strategies to manage this change effectively.

If you’d like to discuss Division 296 in more detail and how it may affect your retirement strategy, we encourage you to make an appointment with one of our advisors. Contact Toni Wright on (03) 5571 0111.

We’re here to provide guidance and support to help you navigate these changes with confidence.

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New ID Verification Requirements

July 30, 2026

New Identity Verification Requirements – What Our Clients Need to Know From 1 July 2026, new Australian Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) legislation introduced additional obligations for accounting firms providing certain services. At Brentnalls Western Victoria, we are committed to making this process as simple and seamless as possible for our clients. Why are these changes happening? The new legislation is designed to help protect Australia's financial system from money laundering, terrorism financing and other financial crime. Many industries, including accounting, legal and real estate services, are now required to verify the identity of clients before providing certain regulated services. Will everyone need to verify their identity? No. These requirements only apply where we are providing a designated service under the AML/CTF legislation. We will notify you if your services falls under this category. Many of our clients will notice no change to the way we work together. If identity verification is required, we'll let you know and guide you through the process. How does the process work? Where identity verification is required, we'll send you a secure electronic verification request. The process is simple and usually takes just a few minutes using your smartphone or computer. You'll be guided through the steps, which may include: confirming your personal details providing identification documents (such as your driver's licence or passport) completing a quick facial verification to confirm your identity. Once your identity has been successfully verified, we'll continue with your engagement as normal. Is my information secure? Yes. We use BGLiD , a secure electronic identity verification platform designed specifically for Australian professional firms. Your personal information is encrypted and handled in accordance with Australian privacy laws. How can I help? If we ask you to complete an identity verification, we appreciate your prompt response. Completing the verification early helps us commence work without unnecessary delays. Want to know more? For more information about Australia's AML/CTF reforms and why businesses may ask for identification, visit the Australian Transaction Reports and Analysis Centre (AUSTRAC): AUSTRAC – Why you might be asked for ID Questions? If you have any questions about these new requirements or the identity verification process, please contact our team. We're happy to explain what the changes mean for your individual circumstances.

Erin White Appointed Principal and Business Manager

July 20, 2026

We are delighted to announce the promotion of Erin White to Principal and Business Manager at Brentnalls Western Victoria. Since joining the firm in 2024, Erin has played a key role in leading our people, strengthening our operations and helping shape the future direction of the firm. Erin's progress in the firm reflects her leadership across our business and her commitment to delivering exceptional outcomes for both our clients and our team. In addition to overseeing business operations, people and culture, strategic projects and marketing, Erin also works alongside clients to help them build stronger businesses through strategic planning and practical implementation. Having grown up, attended school and raised her two sons, Deacon and Xavier, in Western Victoria, Erin is passionate about supporting the businesses that help our regional communities thrive. Outside of work, she enjoys travelling, camping and spending time with her partner, Nathan, family and friends. Please join us in congratulating Erin on this exciting step. We look forward to the continued leadership and expertise she will bring to Brentnalls Western Victoria and to the positive impact she'll continue to have on our clients, our people and our community.

Succession Starts Long Before Retirement

By Cogger Gurry • July 20, 2026

Succession Starts Long Before Retirement With Stacey Shelden, Director, Brentnalls Western Victoria One of the biggest misconceptions I see is that succession planning begins when someone is ready to retire. In reality, that's often when families find themselves under pressure. The most successful succession plans I've been involved with didn't begin because someone wanted to step away from the business. They began years earlier, with simple conversations about the future. As we begin a new financial year, many business owners are taking stock of the year that's been and planning for the one ahead. They'll review financial performance, discuss tax outcomes, consider investments and set business goals. They're all important conversations. But I'd encourage you to ask one more question: Where do we want this business to be in ten years' time and are we preparing for that future today? Succession isn't simply about transferring ownership. It's about ensuring your business, your family and the next generation are ready for what's ahead. It means sharing knowledge, mentoring future leaders and gradually introducing the next generation to the decisions that shape the business. It means creating opportunities for them to understand not only how the business operates, but why decisions are made. Just as importantly, it means having open conversations as a family. Do everyone’s expectations align? Does the next generation actually want to take over the business? What does a successful transition look like for each family member? These conversations can feel difficult, which is why they're often delayed. Yet, in my experience, it's the families who start talking early who navigate succession with the greatest confidence. They have time to explore options, work through differing views and make decisions without the pressure of looming retirement or unexpected life events. The start of a new financial year is a natural time to think beyond the next twelve months. While you're planning for business growth and reviewing financial performance, take the opportunity to also consider your long-term vision. Because succession isn't a project to complete when retirement arrives. It's a process of preparing your business, and your family, for the future. The earlier you begin, the more choices you'll have, and the stronger your business will be for the generations that follow.