Meg’s Musings – February 2026

Welcome to our first Heffron Highlights for 2026 and clearly there are going to be some highlights…

2025 ended with a bang. In late December, the Government released draft legislation for consultation that completely revamped its first attempt at taxing people with more than $3m in super. We wrote about the new version at the time (here) but used the peace and quiet of the Christmas break to follow up in January with a comprehensive explanation of what we know so far here. Even if you’re across the detail already, check out the resources we’ve made available – client guides, FAQs and more.

We have a master class on understanding and planning for Division 296 which is coming in March – make sure you register here as it’s filling up already. And for those who are actuarial certificate clients, don’t forget our Super in 60 series (available to all your staff at no cost). The topic for February will be, you guessed it, an overview of Division 296 tax. It will be a great “heads up” for those who don’t work extensively with large super balance clients and just need an understanding of the general concepts.

But of course life is not all about Division 296 tax. We hope to see some of you at the SMSF Association’s National Conference later this month in Adelaide. As usual, Heffron will have a stand and we’d love to catch up. Lyn and Annie will be presenting a workshop on what to do when a client fails to meet the minimum pension requirements (Day 2, Thursday 19 February, 10:25am). The in-person session is already booked out but it will be available on demand and if you hover by the entrance you never know your luck – someone may not turn up. I have a session immediately beforehand so one way or another you’ll run into a Heffron person if you’re attending.

I’ll also be participating in the Class Thought Leadership Breakfast (Day 1, 8am). This year, we’re talking about the fact that the vast majority of new trustees coming into SMSFs are doing so off their own bat rather than as a result of a recommendation by an adviser. Why? Is it good, bad or indifferent? And what does it mean for the sector and those of us who work in it? We have a range of views on the panel and I’m looking forward to arguing it out.

Who’d have thought so much could happen when it comes to SMSFs in the first 2 months of the year? Sounds like it’s not just the weather that’s hot at the moment.

Register now for our Division 296 Tax Masterclass where we'll cover practical insights on what needs action before 30 June 2026 vs 30 June 2027, and the longer-term strategic implications.