If Division 296 applies to you, it’s important to understand that the thresholds are based on

If Division 296 applies to you, it’s important to understand that the thresholds are based on individual superannuation member balances.

For example, if a self-managed super fund has multiple members and the total balance is above a certain amount, the tax does not apply based on the total fund balance. It applies based on each individual member’s balance.

For those approaching the $3 million threshold, it may also be worth understanding how cost base resets could impact future tax outcomes.

Another important consideration is whether keeping assets within superannuation remains the most suitable option, or whether other structures may provide a better outcome based on your circumstances.

This could include holding assets in your personal name, jointly with a partner, through a trust structure, or through a company.

Understanding the different options available can help you assess the most appropriate structure for your long-term financial goals.

General advice only.

Amy Lehmann is an Authorised Representative (No. 1292710) of Consortium Private Wealth Pty Ltd (AFS Licence 495401).