Tax hike on super balances above $3 million: Is it time to rethink …

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

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Australia’s superannuation system is currently structured to provide generous tax concessions that encourage personal retirement savings. These retirement savings can then be used to provide a level of se… See more

superguide.com.au

The $3 Million Super Tax Cap: What To Consider With 1 Year To Go

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Apr 26, 2024  · The bottom line. In just over 12 months’ time, the new tax rules that apply to earnings on super balances above $3 million will commence. That may seem a long way …

superguide.com.au

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 …

afr.com

Superannuation Tax On Balances Over $3m Will Be Avoided By …

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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 …

afr.com

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

Understanding The New $3m Super Tax - Epona Financial Guidance

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Mar 11, 2024  · The new tax follows a Federal Government announcement it intended to reduce the tax concessions provided to super fund members with account balances exceeding $3 …

eponafg.com

Superannuation Tax Changes – What You Need To Know | CHOICE

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Need to know. The government recently announced changes to how earnings on super balances over $3 million will be taxed. These changes are slated to apply from 1 July 2025. Assuming …

choice.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

The New 15% Tax On $3M+ Member Total Super Balances From 1 …

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Apr 26, 2023  · Overview. Broadly, from 1 July 2025, where a member’s total superannuation balance (TSB) exceeds $3 million, an increase in their TSB at the end of the relevant financial …

dbalawyers.com.au

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

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May 12, 2023 – 12.14pm. The big question for those with large superannuation balances is, now that the federal budget has confirmed an extra 15 per cent tax on “earnings” above $3 million ...

afr.com

Understanding The New $3 Million Super Tax And How It

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Sep 5, 2024  · Target Balance: Aim for a closing total super balance of around $2.9 million each year to avoid triggering the tax. Additional Withdrawals: Withdraw additional amounts on top of …

profinancial.net.au

Treasurer Jim Chalmers Caps Super Tax Breaks For Accounts With …

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Feb 28, 2023  · Fewer than 1 per cent of superannuation accounts have more than $3 million. Of those accounts, the average balance is close to $6 million. Mr Chalmers said the average …

abc.net.au

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 …

afr.com

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

Understanding The New $3m Super Tax - Rhodes Docherty

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Mar 20, 2024  · 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 …

rhodesdocherty.com.au

Understanding The New $3 Million Super Tax And How It Affects …

1 week from now

The Australian Government has proposed to increase the tax rate on earnings of superannuation balances above $3 million from 15% to 30%. Scheduled to commence on 1 July next year …

alphaadvisers.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

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