Proposed Division 296 Superannuation Tax: Be Prepared, Not Panicked
Treasurer Jim Chalmers recently reaffirmed the Government’s commitment to the Better Targeted Superannuation Concessions bill, otherwise known as the Division 296 tax. This proposed measure, aimed at individuals with high-value superannuation balances, has generated significant public discussion since the Government was re-elected. However, it’s important to note: the legislation is not yet law, and the final version may still change. […]
Division 296: Criticism & SMSF Stressors Regarding the $3million Super Tax
With the Bill set to be introduced to the Lower House this week, it looks as though Division 296 legislation is set to be enacted by July 1 next year, despite concerns from Industry. The proposed “$3 million supertax” will impact less than 1% of Australians with a superannuation account in the 2025/26 financial year, […]
Changes to Superannuation Announced in the 2024-2025 Federal Budget
The delivery of the 2024-2025 Federal budget announcement included a number of changes to the superannuation system, but none were unexpected. The main theme of the changes in relation to superannuation is enhancing retirement savings to allow individuals a more dignified retirement. The key superannuation changes included in the budget include the following. It […]
