Proposed Division 296 Superannuation Tax: Be Prepared, Not Panicked

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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

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

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 […]