Could your super be affected in the future?

Division 296 is an important topic for Australians with higher superannuation balances and has become a key consideration when planning future superannuation strategies. The proposed changes introduce additional tax on superannuation balances above certain thresholds, including an additional 10% tax for balances above $3 million and a further increase for balances above $10 million. While these changes currently impact a smaller group of Australians, it’s important to understand how they may affect your future position, especially if your superannuation balance continues to grow over time. During the transition period, some individuals may have the option to consider a cost base reset, which establishes a new starting value for certain assets. This may help determine future capital gains calculations based on the reset value rather than the original purchase value. Understanding how these changes may apply to your circumstances can help you make more informed decisions about your superannuation strategy. General advice only. Amy Lehmann is an Authorised Representative (No. 1292710) of Consortium Private Wealth Pty Ltd (AFS Licence 495401).

Disclaimer || The information provided in this post is general in nature only and does not constitute personal financial advice. Amy Lehmann is an Authorised Representative(No. 1292710) of AFSL 495401.