Draft legislation released for “Div 296 tax” – an additional 15% tax …

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 Superannuation Concessions”, the tax itself is destined to be known as the (uninspiring name …

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

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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 …

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

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The Draft Bill proposes to insert new Division 296 in the Income Tax Assessment Act 1997 (Cth) (ITAA 1997) which will contain the core provisions relating to the new tax.An exposure draft of …

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

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Oct 3, 2023 · Shortfall interest charge will also apply where an amount of Div 296 tax becomes due and payable because of an amended assessment. Other issues. Other key issues …

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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 …

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Draft Legislation Released: Additional Tax On Large Super Balances

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Oct 18, 2023 · The bill reduces the tax concessions for individuals with a Total Superannuation Balance (TSB) above $3m by imposing an additional 15 per cent tax on a proportion of fund …

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Draft Law For $3 Million Super Tax Reveals Exemption Details

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Oct 4, 2023 · The bill reduces tax concessions for individuals with a total superannuation balance (TSB) above $3 million by imposing an additional 15 per cent tax on certain earnings under a …

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Super Alert: Div 296 Tax To Take Effect From 1 July 2025 - BDO

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On Friday, 10 May 2024, the Senate Economics Legislation Committee recommended the Bill containing the measure to impose an additional tax on balances above $3 million (Div 296 tax, …

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Draft Legislation For Extra Tax On Earnings On Balances Over …

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As you may know, Treasury has released draft legislation for the proposed extra 15% tax on earnings of superannuation balances over $3 million for consultation. The proposed new tax, …

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Changes To The Taxation Of Superannuation - BDO

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Oct 10, 2023 · Jess’s taxable superannuation earnings for Division 296 tax are calculated as $158,859, by multiplying her superannuation earnings by the percentage of the earnings …

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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 government last month released draft legislation on the proposal it announced in February to ... Calculating Division 296 tax: ... So Bob’s tax bill is $6066.10 (15 per cent x …

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

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Jan 28, 2024 · The recent release of the draft legislation has confirmed this will be known as the DIV296 tax. This proposal will affect individuals with a total superannuation balance that …

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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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FAQs about Draft legislation released for “Div 296 tax” – an additional 15% tax … Coupon?

What is Division 296 tax?

Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023, section 2. The Imposition Bill imposes Division 296 tax on individuals with ‘taxable superannuation earnings’ in an income year and sets the amount of the tax at 15 per cent. ...

Should a division 296 tax bill be passed without amendments?

A Senate committee reviewing the draft Division 296 tax bill has recommended it be passed without any suggested amendments. The Senate committee reviewing the draft bill for the Division 296 tax has recommended it be passed unchanged while a dissenting report from opposition senators on the committee called for the bills to be scrapped. ...

How will a division 296 tax affect superannuation earnings?

The government has released draft regulations for consultation which outline methods for valuing defined benefit interests under the Division 296 tax measure. The proposed Division 296 tax reduces the concessional tax rates that apply to superannuation earnings on balances above $3 million and will apply from 1 July 2025 if legislated. ...

When will new division 296 tax apply?

Broadly, from 1 July 2025, new Division 296 tax will apply where a member’s total superannuation balance (TSB) exceeds $3 million and there has been an increase in their TSB at the end of the relevant income year (as adjusted for withdrawals and contributions) compared to their TSB just before the start of that year. ...

When will the division 296 tax bill be referred to the SELC?

The draft Division 296 tax bill was referred to the SELC on 7 December last year with an initial reporting date of 19 April 2024 but in late February this was extended to 10 May. ...

Can a division 296 tax be deferred?

Tax associated with a Division 296 tax on defined benefit interest could be deferred. Negative superannuation earnings from balances above $3 million would be carried forward and used to reduce the amount of superannuation earnings subject to Division 296 tax in future income years. ...