SAR undergoing Div 296 change

Division 296 tax – reading the ‘tea leaves’ and strategies

With the Labor Party’s win at the recent federal election, there’s been growing speculation in the media that the Albanese government will re-introduce and seek passage of the “Division 296 Bill”[1] into law soon. Broadly speaking, the proposed Division 296 would: apply from the 2025-26 income year onwards[2]; impose a 15% tax on a percentage of “taxable superannuation earnings”[3] equal to the percentage of an individual’s total superannuation…

SAR undergoing Div 296 change

The reporting regime for SMSFs is having to be modified due to additional information that will be required for Division 296 tax calculations.