New super tax: What you’ll owe if your balance hits $3.5m

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

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Oct 11, 2023  · The government last month released draft legislation on the proposal it announced in February to impose an extra 15 per cent tax on “earnings” on balances greater than $3 …

afr.com

New 15% Tax On $3m+ Member Super Balances – Exposure Draft …

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A flat tax rate of 15% is then applied to the proportion of earnings attributable to an individual’s balance over $3 million. For example, Sarah’s calculated earnings are $650,000; however, …

smsfadviser.com

Draft Legislation Released For 15% ‘Div 296 Tax’ On Earnings For …

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Oct 3, 2023  · Draft legislation released for 15% ‘Div 296 tax’ on earnings for super balances over $3m. 4 Oct, 2023. On 3 October 2023 the Government released a package of exposure draft …

taxbanter.com.au

Better Targeted Superannuation Concessions - Factsheet

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This means that earnings attributable to balances above $3 million will generally attract a combined headline rate of 30 per cent. This measure will commence on 1 July 2025 and apply …

treasury.gov.au

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

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 …

afr.com

Draft Legislation For Extra Tax On Earnings On Balances Over …

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Draft legislation for extra tax on earnings on balances over $3m in super released As you may know, Treasury has released draft legislation for the proposed extra 15% tax on earnings of …

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Treasury Laws Amendment (Better Targeted Superannuation …

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Oct 3, 2023  · The Bill reduces the tax concessions for individuals with a total superannuation balance (TSB) above $3 million by imposing an additional 15 per cent tax on certain earnings …

treasury.gov.au

Draft Legislation Released For “Div 296 Tax” – An Additional 15% Tax …

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Oct 4, 2023  · Further to previous announcements , Treasury has released draft legislation for the additional 15% tax on $3M+ balances. While the measure is called the “Better Targeted …

sladen.com.au

Division 296 Tax – The New Name For The Additional 15% Tax On ...

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Nov 13, 2023  · Earlier last month, the Government released its draft legislation on the proposed new additional tax on superannuation balances above $3m from 1 July 2025, and decided to …

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‘Stubborn’ Labor Offers No Compromises On $3m Super Tax

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Oct 3, 2023  · The legislation, if passed, would establish a new tax known as a ‘division 296 tax liability’ which an additional 15 per cent tax rate on the earnings of super accounts over $3 …

afr.com

Build Back Better Act: Details & Analysis Of The $3.5 ... - Tax …

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The House Ways and Means Committee draft legislation would include the following major changes: Individual Income Taxes • Raise the top individual income tax rate to 39.6 percent …

taxfoundation.org

Ways And Means Releases List Of Tax Provisions For Budget Bill

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Sep 13, 2021  · Tax rate: The proposal would replace the current flat 21% corporate tax rate with a graduated rate, starting at 18% on the first $400,000 of income; 21% on income up to $5 …

journalofaccountancy.com

Biden Build Back Better Act: Details & Analysis | Tax Foundation

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Dec 2, 2021  · The updated draft legislation would include the following major changes, effective January 1, 2022, unless otherwise noted: ... contributions when balances reach $10 million …

taxfoundation.org

U.S. Congress Panel Corrects Tax Rates For Wealthy Under Biden's ...

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Nov 23, 2021  · For those earning $500,000 to $1 million a year, taxes would fall to 27.2% under the bill, from the current $28.1%, instead of the previously reported reduction to 26.8%.

reuters.com