Super Tax Update: What You Need to Know
Update: Division 296 Super Tax The government has announced practical revisions to its proposed tax changes for individuals with superannuation balances over $3 million.
Update: Division 296 Super Tax The government has announced practical revisions to its proposed tax changes for individuals with superannuation balances over $3 million.
Below is a summary of today’s announcement regarding the proposed doubling of taxes on Superannuation balances above $3 million.
The proposal may have variations if legislated after the next federal election. We will address any relevant impacts with clients once (if) legislated.
On Tuesday, 29th March 2022, the Government handed down its 2022-23 Federal Budget.
From a Superannuation and Financial Advice perspective, the budget was extremely quiet. The Government are primarily focused on supporting low to middle-income earners, social security recipients and first home buyers.