Savvy super savers will avoid the $3m threshold. Here’s how

Savvy Super Savers Will Avoid The $3m Threshold. Here’s How

1 week from now

Dec 4, 2023  · The tax will impose an additional 15 per cent on the growth of super balances exceeding $3 million. It’s a prorated tax, meaning it applies proportionally to the amount …

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New Super Tax: What You’ll Owe If Your Balance Hits $3.5m

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Oct 11, 2023  · The percentage of Bob’s TSB exceeding $3 million (which will be the percentage of earnings that are taxable) is 14.29 per cent ( ($3,500,000 – $3,000,000) / $3,500,000). So …

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Superannuation Update: Proposed $3 Million Superannuation Cap …

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From 1 July 2025, the Government has proposed an ‘additional’ tax of 15% on earnings on an individual's superannuation benefits over $3 million at the end of a financial year. This …

pwc.com.au

Additional 15% Tax For Super Balance Exceeding $3 Million

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Jul 22, 2024  · Starting 1 July 2025, the Australian government will impose an additional 15% tax on superannuation balances exceeding $3 million. This change aims to reduce tax …

causbrooks.com.au

Additional 15% Tax For Super Balances Over $3 Million

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May 2, 2023  · Lachlan Harvey. Treasurer Jim Chalmers has proposed that from 1 July 2025, taxation on earnings from superannuation balances above $3 million will double to 30%. The …

goldsborough.com.au

How Will DIV296 (15% Additional Tax On Super) Impact You? - Findex

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Jan 28, 2024  · From 1 July 2025, the Government has proposed an ‘additional’ tax of 15% on earnings on an individual's total superannuation balance (TSB) over $3 million at the end of a …

findex.com.au

Understanding The New $3 Million Superannuation Tax

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Mar 6, 2024  · The new tax follows a Federal Government announcement that intends to reduce the tax concessions provided to super fund members with account balances exceeding $3 …

nexia.com.au

New Additional Tax For Super Balances Above $3 Million

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Jul 19, 2023  · Under the government’s proposal, an individual will become liable to pay the 15% additional tax in respect of an income year (commencing from 1 July 2025) where their total …

causbrooks.com.au

2025 Australian Super Tax Law: A Quick Guide - House Of Wealth

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Division 296 legislation imposes an additional 15 per cent tax (on top of the existing 15 per cent) on investment earnings of a super account where your total super balance (TSB) exceeds $3 …

houseofwealth.com.au

Tax Increase For Super Balances Over $3 Million | Money Magazine

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Mar 1, 2023  · 1. Taxes are going up for superannuation balances above $3 million from July 1, 2025. The extra 15% tax on investment earnings impacts 80,000 Australians or 0.5% of savers …

moneymag.com.au

This Is How You’ll Be Taxed If Your Super Balance Is Over $3m

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May 12, 2023  · During 2025-26, Ray took $100,000 in pension payments and made a $20,000 concessional contribution and $300,000 non-concessional contribution. Ray’s earnings will be …

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Better Targeted Superannuation Concessions - Factsheet

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The Government is reducing the tax concessions available to individuals whose total superannuation balances exceed $3 million. Individuals with balances over this threshold …

treasury.gov.au

New ‘30% Tax Rate’ For Super Balances Over $3 Million – A Tax On…

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Mar 9, 2023  · The formula for working out the amount of additional tax payable is set out in the Fact Sheet, and a basic example from the Fact Sheet is set out below (with further examples …

hallandwilcox.com.au

Super Tax Breaks To Be Reduced For Accounts With More Than $3 …

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Oct 10, 2023  · This will continue for the 99.5% of Australians with less than $3 million in super. In February 2023, Labor announced that from 1 July 2025 the concessional tax rate applied to …

superguide.com.au

How Will The Proposed 30% Tax On Super Earnings Above $3m Work?

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Mar 2, 2023  · 2025-26 tax liability. 15% × $1.15 million × 70%. = $120,750. Adapted from Better Targeted Superannuation Concessions. The Government has announced that from 1 July …

knowledgeshop.com.au

How The 30% Super Tax Will Hit Balances Over $3 Million

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Oct 4, 2023  · His proportion of earnings corresponding to funds above $3 million is ($4.5 million - $3 million) ÷ $4.5 million = 33%. His tax liability for 2025-26 is 15% × $500,000 × 33% = …

morningstar.com.au

Tax Hike On Super Balances Above $3 Million: Is It Time To

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Apr 3, 2023  · A quick look at the proposed changes. Commencing 1 July 2025, the tax rate levied on super fund earnings for members with balances above $3 million will double from 15% to …

superguide.com.au

How The $3m Super Tax Will Work - Financial Review

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Oct 4, 2023  · Only 25 per cent of those earnings ($125,000) would be taxed, because only 25 per cent of her $4 million super balance is over $3 million. That means her new extra tax bill would …

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Better Targeted Superannuation Concessions - Australian Taxation …

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Aug 13, 2024  · From 1 July 2025 tax concessions will be reduced for certain earnings for superannuation balances above $3 million. On 28 February 2023, the Australian Government …

ato.gov.au

This Super Loophole Can Create Tax-free Money For The Kids

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Oct 21, 2024  · Based on the current non-concessional contributions cap and super transfer balance cap, a single person could turn a maximum of $1.8 million into tax-free super if they …

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