Division 296 doesn't tax your whole super balance

Changes to superannuation rules can have important implications for individuals with larger retirement balances. Division 296 introduces an additional tax on certain superannuation earnings for individuals with superannuation balances above the specified thresholds. Importantly, the tax does not apply to the entire balance, but only to the portion above the relevant limit. Understanding how these changes work, including how pension balances, investment earnings, and capital gains may be treated, is essential for effective retirement planning. For those affected, it’s important to review your superannuation strategy and consider how these changes may impact your long-term financial goals. The right approach depends on your individual circumstances, which is why staying informed and seeking appropriate advice can help you make confident decisions about your retirement future. General advice only. Consortium Private Wealth AFSL 495401
Disclaimer || The information provided in this post is general in nature only and does not constitute personal financial advice. Robert Goudie is an Authorised Representative (No. 235974) of AFSL 495401.