SPOTLIGHT: Understanding the Proposed Division 296 Tax – Income Tax Assessment Act 1997 (Cth) (ITAA) – on Superannuation
What is Division 296? Division 296 imposes an additional 15% tax on earnings linked to the portion of your super balance above $3 million. Download PDF Version This is in addition to existing superannuation taxes. Importantly, the tax is calculated based on the change in your total super balance, which includes unrealised gains—profits on investments […]