Superannuation update: Proposed $3 Million Superannuation Cap …
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 'additional' tax is to be known as Division 296 tax. We have summarised below the key points of the newly …
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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 'additional' tax is to be known as Division 296 tax. We have summarised below the key points of the newly …
pwc.com.au
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Superannuation Tax On Balances Over $3m Will Be Avoided By …
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Dec 4, 2023 · Labor’s proposed new tax on superannuation balances above $3 million is projected to affect 80,000 people and generate an additional $2 billion in revenue a year from …
afr.com
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Superannuation: A New Tax On Super Balances Above $3 Million Is …
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Oct 22, 2024 · While a government plan to increase tax on super balances above $3 million is anxiety inducing, yanking money out too soon could be a costly mistake. Meg Heffron …
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This Is How You’ll Be Taxed If Your Super Balance Is Over $3m
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May 12, 2023 · Only the proportion of earnings on balances over $3 million at the end of the financial year is subject to the additional tax. The proportion of Ray’s earnings subject to tax is …
afr.com
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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
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The New 15% Tax On $3M+ Member Total Super Balances From 1 …
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Apr 26, 2023 · The proportion of her TSB more than $3 million is 50 per cent ([$6 million – $3 million] ÷ $6 million). In this case 50 per cent of the calculated earnings from step 1 will attract …
dbalawyers.com.au
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Better Targeted Superannuation Concessions - Australian Taxation …
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Aug 13, 2024 · On 28 February 2023, the Australian Government announced from 1 July 2025 a 30% concessional tax rate will be applied to future earnings for superannuation balances …
ato.gov.au
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Additional 15% Tax For Super Balance Exceeding $3 Million
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Jul 22, 2024 · A 30% concessional tax rate applies to future earnings for super balances above $3 million. Division 296 tax adds an extra 15%, making the effective tax rate 30%. Tax liability. …
causbrooks.com.au
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Tax Increase For Super Balances Over $3 Million | Money Magazine
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Mar 1, 2023 · 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 with …
moneymag.com.au
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Tax Hike On Super Balances Above $3 Million: Is It Time To Rethink …
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Apr 3, 2023 · The $3 million cap is applied per member and not per fund. The proposed increase in tax payable only applies on earnings above the $3 million threshold. The $3 million …
superguide.com.au
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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
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Proposed New Tax For Super Balances Over $3 Million - Element …
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Nov 10, 2023 · The new rules impact individuals that have a total superannuation balance of greater than $3 million. The new rules will not impact individuals with superfund balances of …
elementbusiness.com
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New Super Tax: What You’ll Owe If Your Balance Hits $3.5m
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Oct 11, 2023 · Where a person’s super in a future year drops and remains below $3 million so the tax no longer applies, they may end up having paid tax on a capital gain the fund doesn’t …
afr.com
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Additional 15% Tax For Super Balances Over $3 Million
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May 2, 2023 · Treasurer Jim Chalmers has proposed that from 1 July 2025, taxation on earnings from superannuation balances above $3 million will double to 30%. The new policy is expected …
goldsborough.com.au
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Tax To Double On Superannuation Earnings For Balances Over $3 …
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Feb 28, 2023 · Tax on superannuation earnings for balances over $3 million will double from 15 per cent to 30 per cent. The change, from July 1, 2025, will bring in about $2 billion in extra tax …
smh.com.au
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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
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The $3 Million Super Tax Cap: What To Consider With 1 Year To Go
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Apr 26, 2024 · If so, keep in mind that the new tax applies only to super fund earnings on balances above $3 million. And the rate of tax is 15%. ... In just over 12 months’ time, the new …
superguide.com.au
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New ‘30% Tax Rate’ For Super Balances Over $3 Million – A Tax On…
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Mar 9, 2023 · By 30 June 2026 his balance has grown to $4.5 million. – This means Warren’s calculated earnings are: $4.5 million – $4 million = $500,000 – His proportion of earnings …
hallandwilcox.com.au
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Why More Retirees Might Dodge The Death Tax On Super - Financial …
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Nov 6, 2024 · Forcing people with superannuation balances above $3 million to pay more tax will give rise to a range of new strategies. Michael Hutton Contributor Nov 15, 2024 – 5.00am
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