Division 293 and who it applies to

Earning over $250,000 in Australia? Here’s what you need to know about Division 293 tax.
Division 293 tax applies to higher-income earners and adds an extra 15% tax on concessional super contributions.
For most Australians, concessional contributions are generally taxed at 15% inside super.
But once your income is over $250,000, an additional 15% may apply, bringing the tax on those concessional contributions to 30%.
While this is an extra tax, super can still be a more tax-effective environment compared to having that income taxed at your personal marginal tax rate.
It’s a good reminder to understand how your income level affects your super strategy and contribution planning.
Always seek personal advice based on your situation.
General advice only.
Amy Lehmann is an Authorised Representative (No. 1292710) of Consortium Private Wealth Pty Ltd (AFS Licence 495401).