Everything you need to know about division 296 tax on superannuation
What is division 296 and why is it sparking such significant debate and concerns among superannuation holders?
Announced by the Australian Government in 2023, division 296 is proposed legislation set to enforce additional tax on earning from superannuation balances exceeding $3 million [AUD]. With both realised and unrealised gains potentially being taxed, the legislation has sparked huge debate due to concerns about fairness, valuation challenges, and its potential impact on retirement planning.
As the legislation continues to face hurdles in Parliament, its potential impact on retirement strategies and future generations remains a hot topic.
In this episode of talkBIG, host Andrew Sykes joins expert Katie Timms, a Partner in the RSM Superannuation team, to discuss the complexities of this new tax and what it might mean for Australian’s retirement plans.
Thanks for listening! Visit the RSM Australia website to ask the hosts a question.
