Understanding the new $3m super tax - Fifteen Hundred Financial …

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 million. …

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Understanding The New $3m Super Tax - Fifteen Hundred Financial …

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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 million. …

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Understanding The New $3m Super Tax - Fitzpatricks Private Wealth …

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Who Division 296 applies to. 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 …

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Understanding The New $3m Super Tax - AdvicePlus Financial …

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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 million. …

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Understanding The New $3m Super Tax - TNQ Financial Planning

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Mar 25, 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 …

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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 …

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Understanding The New $3m Super Tax - RGM

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Mar 21, 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 …

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Understanding The New $3m Super Tax - Casey Investment Group

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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 million. …

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

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Mar 11, 2024 · Understanding the new $3m super tax. 11/03/2024 The much debated tax on superannuation balances over $3 million is inching closer and those who may be affected …

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Understanding The New $3m Super Tax

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Mar 12, 2024 · The much-debated tax on superannuation balances over $3 million is inching closer and those who may be affected should ensure they have considered the …

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Understanding The New $3m Super Tax - Focus Wealth Advisers

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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 …

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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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Understanding The New $3m Super Tax

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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 …

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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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Understanding The New $3m Super Tax - Sterling Private Wealth

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Mar 12, 2024 · Who Division 296 applies to. 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 …

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FAQs about Understanding the new $3m super tax - Fifteen Hundred Financial … Coupon?

What is the new tax on superannuation?

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 million. The draft Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023 was introduced to Parliament on 30 November 2023. i ...

Will the government reduce tax breaks for large super accounts?

For most of this year, the big news in super has been the government’s plan to reduce tax breaks for members with large super accounts of more than $3 million. The proposal has been widely criticised. Not because it will make people who are comfortably off pay more tax, but because of the way it is worked out. ...

What is the new super fund tax?

The plan is to add a new tax (15 per cent) on some of these members’ super fund “earnings”, on top of the taxes already paid by the super fund itself. There are nuances, of course, but in a nutshell, the tax, due to come in from July 1, 2025, has three parts. Earnings: First, it’s necessary to work out a member’s superannuation “earnings”. ...

How does tax affect a member's superannuation balance?

Given a member’s total superannuation balance includes unrealised gains or losses, this will mean that, in effect, the 15% tax will also be calculated on movements in unrealised asset valuations during a relevant year. This may cause cash flow problems as tax has to be funded on assets that are yet to realise their value. ...

Do you get a tax refund if your super fund drops?

There’s no tax refund – another sore point. 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 actually realise – and they don’t get their money back. ...