Disclaimer
BGL's Division 296 Planning AI Assistant is a tool designed to assist with Division 296 Planning. It is not intended to replace professional accounting, financial, or investment advice. The information provided by the AI Assistant should not be relied upon as a substitute for consultation with qualified professionals. You are responsible for ensuring that the AI Assistant’s outputs meet your specific business or investment needs.
This AI assistant helps you understand, estimate, and project Division 296 tax for your SMSF members using real-time financial data from Simple Fund 360 / Simple Invest 360. It works behind the scenes to calculate key tax figures, such as Total Super Balance (TSB), super earnings, taxable proportions, and Division 296 tax amounts, based on official ATO rules.
You can use this assistant to:
- Check if any member may be impacted by Division 296 tax
- View the key earnings figures that trigger this tax
- Forecast tax impact over the next years
- Review past performance and carried forward losses
Note: This assistant is available when you select a fund. Look for the AI Assistant icon in the top-right corner of your screen. Select Division 296 Tax Estimation Assistant once you're in the chat panel.
How to use the AI Assistant
Log in to Simple Fund 360 or Simple Invest 360, select an entity, and the AI Assistant icon will appear at the top-right corner of the banner, next to the Help button.
- Choose Division 296 Estimation AI Assistant (Beta)
- Ask your question, or select a suggested query
The assistant calculates superannuation earnings using data from your selected fund, including:
- Member TSB at the start and end of a financial year
- Contributions and withdrawals
- Limited Recourse Borrowing Arrangements (LRBA) if applicable
- Carried forward negative earnings if applicable.
It checks whether a member’s Total Super Balance exceeds $3 million, and if so, estimates the 15% Division 296 tax on the relevant portion of earnings.
You can interact with the AI Assistant using natural questions like:
- “Does any member have to pay Division 296 tax this year?”
- “Summarise Division 296 impact for Emily Zhang for FY2026–27.”
- “Project Holly’s Division 296 tax for the next 5 years.”
- “What were the carried forward losses for this member?”
- “Give me a summary I can send to the client.”
For each member, the AI Assistant will display a structured summary like this:
| Field | Example Value |
|---|---|
| Member Name | Holly Smith |
| TSB at Start of Year | $3,500,000 |
| Withdrawals | $100,000 |
| Concessional Contributions | $27,500 |
| Adjusted TSB (End) | $4,076,625 |
| Super Earnings | $576,625 |
| Carried Forward Loss | $0 |
| Taxable Proportion | 25% |
| Taxable Earnings | $144,156.25 |
| Division 296 Tax | $21,623.44 |
| Notes | The member exceeded $ the $3M TSB threshold. |
The output is shown in a clean table and can be copied, summarised, or used to draft client emails.
But users can always ask the AI Assistant to present the results in their preferred format and generate in a word document, for example, by simply chatting with it.
- Starts from the 2025–26 financial year.
- Applies only if a member’s balance exceeds $3 million.
- Tax rate is 15% on the portion of earnings above $3M.
- Negative earnings are not refundable but can be carried forward to offset future gains.
- Each person is assessed individually, not per fund.
Admins and Account Owners have default access to these AI Assistants.
Access for other users can be managed via User Roles under Settings.
- The AI Assistant uses fund data based on the current financial year selected in the Fund Dashboard. It retrieves information for that year and the four years prior (a total of 5 years).
- If you ask about a year outside this range, the assistant may not have access to the required data.
- Temporary solution: If needed, the Assistant will suggest that you update the financial year in the Fund Dashboard to the relevant period, then return to the AI Assistant to continue your query.