{"id":926,"date":"2025-07-22T06:53:45","date_gmt":"2025-07-22T06:53:45","guid":{"rendered":"https:\/\/www.trakaccountants.com.au\/blog\/?p=926"},"modified":"2025-07-23T02:48:44","modified_gmt":"2025-07-23T02:48:44","slug":"div-296-super-tax-and-practical-things-to-consider-2","status":"publish","type":"post","link":"https:\/\/www.trakaccountants.com.au\/blog\/div-296-super-tax-and-practical-things-to-consider-2\/","title":{"rendered":"Div 296 super tax and practical things to consider"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Division 296 super tax is a controversial Federal Government proposal to impose an extra 15% tax on some superannuation earnings for individuals if their total superannuation balance (TSB) is over $3 million as at 30 June of the relevant income year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This measure is not yet law and must still pass both Houses of Parliament. At the time of publication, the start date had not been confirmed, although the Government was originally hoping that the measure would apply from 1 July 2025, with the first tax bills to be sent out sometime after 30 June 2026.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Fair Work Act now requires that the true relationship between the parties is, \u201cdetermined by ascertaining the real substance, practical reality and true nature of the relationship between the individual and the person.\u201d The totality of the relationship needs to be considered including how the contract is performed in practice.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.trakaccountants.com.au\/blog\/wp-content\/uploads\/2025\/07\/pexels-mikhail-nilov-8296970-1-1024x683.jpg\" alt=\"\" class=\"wp-image-957\" width=\"840\" height=\"560\" srcset=\"https:\/\/www.trakaccountants.com.au\/blog\/wp-content\/uploads\/2025\/07\/pexels-mikhail-nilov-8296970-1-1024x683.jpg 1024w, https:\/\/www.trakaccountants.com.au\/blog\/wp-content\/uploads\/2025\/07\/pexels-mikhail-nilov-8296970-1-300x200.jpg 300w, https:\/\/www.trakaccountants.com.au\/blog\/wp-content\/uploads\/2025\/07\/pexels-mikhail-nilov-8296970-1-768x512.jpg 768w, https:\/\/www.trakaccountants.com.au\/blog\/wp-content\/uploads\/2025\/07\/pexels-mikhail-nilov-8296970-1-1536x1024.jpg 1536w, https:\/\/www.trakaccountants.com.au\/blog\/wp-content\/uploads\/2025\/07\/pexels-mikhail-nilov-8296970-1-2048x1365.jpg 2048w, https:\/\/www.trakaccountants.com.au\/blog\/wp-content\/uploads\/2025\/07\/pexels-mikhail-nilov-8296970-1-1200x800.jpg 1200w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><a>How does it<\/a> <a>work? <\/a><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">While we are waiting to see whether the measure will become law, let\u2019s assume for the moment that the Government passes legislation which is consistent with the Government\u2019s announcements to date. If so:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If your TSB is over $3 million at 30 June, a portion of your annual superannuation earnings above that threshold will be taxed at an additional 15%.<\/li>\n\n\n\n<li>The tax is assessed to you personally and can be paid from your super or your own funds.<\/li>\n\n\n\n<li>Superannuation earnings for this purpose reflect the increase in your net super balance for the year, adjusted for certain contributions (eg, inheritance via death benefit pension) and withdrawals.<\/li>\n\n\n\n<li>Some exclusions apply: children on super pensions, structured settlements (personal injury), and the deceased.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">It is important to remember that your TSB is the aggregate of all Australian superannuation interests (including balances with APRA funds, SMSFs and defined benefit schemes) held at the end of the income year. If the start date is 1 July 2025, then the first test date will be 30 June 2026. An individual\u2019s TSB at this date, and each following 30 June, will determine whether they will have a Division 296 tax liability for that income year. Only where the individual has a TSB on 30 June in excess of $3 million will they have a Division 296 tax liability for that income year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><br>If the start date is 1 July 2025, then the first test date will be 30 June 2026. An individual\u2019s TSB at this date, and each following 30 June, will determine whether they will have a Division 296 tax liability for that income year. Only where the individual has a TSB on 30 June in excess of $3 million will they have a Division 296 tax liability for that income year.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a> Examples<\/a><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Sam\u2019s account<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>30 June super balance: $4 million.<\/li>\n\n\n\n<li>Annual growth: $120,000.<\/li>\n\n\n\n<li>Portion above $3m: ($4m\u2013$3m)\/$4m = 25%<\/li>\n\n\n\n<li>Taxable earnings: $120,000 x 25% = $30,000<\/li>\n\n\n\n<li>Extra tax: $30,000 c 15% = $4,500<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Lisa\u2019s inheritance<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Lisa\u2019s balance rises from $2m to $4.5m after receiving a death benefit pension.<\/li>\n\n\n\n<li>Only new investment growth (not the transferred amount) is taxed as earnings, but a total balance over $3m means she may still have a liability.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><a>What can you do?<\/a> <\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Review your super fund liquidity and cashflow planning for future tax payments<\/li>\n\n\n\n<li>Ensure your asset valuations are up to date<\/li>\n\n\n\n<li>Estimate your combined super balances and plan for any large transactions<\/li>\n\n\n\n<li>Document asset values, especially for SMSF members<\/li>\n\n\n\n<li>Seek tailored professional advice before making any changes<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">While we are waiting to see whether the legislation passes through Parliament and whether any significant amendments or adjustments are made to the proposed measures, if you have any questions or concerns around this in the meantime, reach out \u2013 we\u2019re here to help.<br><br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Division 296 super tax is a controversial Federal Government proposal to impose an extra 15% tax on some superannuation earnings for individuals if their total superannuation balance (TSB) is over $3 million as at 30 June of the relevant income year. This measure is not yet law and must still pass both Houses of Parliament.<a class=\"blog-more\" href=\"https:\/\/www.trakaccountants.com.au\/blog\/div-296-super-tax-and-practical-things-to-consider-2\/\">Read More \u00bb<\/a><\/p>\n","protected":false},"author":2,"featured_media":962,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"cybocfi_hide_featured_image":"yes","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[11],"tags":[9],"class_list":["post-926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-planning","tag-superannuation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Div 296 super tax and practical things to consider - Tax Accountants Varsity Lakes &amp; Robina<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.trakaccountants.com.au\/blog\/div-296-super-tax-and-practical-things-to-consider-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Div 296 super tax and practical things to consider - Tax Accountants Varsity Lakes &amp; Robina\" \/>\n<meta property=\"og:description\" content=\"Division 296 super tax is a controversial Federal Government proposal to impose an extra 15% tax on some superannuation earnings for individuals if their total superannuation balance (TSB) is over $3 million as at 30 June of the relevant income year. This measure is not yet law and must still pass both Houses of Parliament.Read More \u00bb\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.trakaccountants.com.au\/blog\/div-296-super-tax-and-practical-things-to-consider-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Tax Accountants Varsity Lakes &amp; Robina\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-22T06:53:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-07-23T02:48:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.trakaccountants.com.au\/blog\/wp-content\/uploads\/2025\/07\/pexels-photo-8062358.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1880\" \/>\n\t<meta property=\"og:image:height\" content=\"1253\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Morgan Fu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Morgan Fu\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.trakaccountants.com.au\\\/blog\\\/div-296-super-tax-and-practical-things-to-consider-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.trakaccountants.com.au\\\/blog\\\/div-296-super-tax-and-practical-things-to-consider-2\\\/\"},\"author\":{\"name\":\"Morgan Fu\",\"@id\":\"https:\\\/\\\/www.trakaccountants.com.au\\\/blog\\\/#\\\/schema\\\/person\\\/b50617b9d8a0726a27603c8acaa16e61\"},\"headline\":\"Div 296 super tax and practical things to consider\",\"datePublished\":\"2025-07-22T06:53:45+00:00\",\"dateModified\":\"2025-07-23T02:48:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.trakaccountants.com.au\\\/blog\\\/div-296-super-tax-and-practical-things-to-consider-2\\\/\"},\"wordCount\":588,\"publisher\":{\"@id\":\"https:\\\/\\\/www.trakaccountants.com.au\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.trakaccountants.com.au\\\/blog\\\/div-296-super-tax-and-practical-things-to-consider-2\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.trakaccountants.com.au\\\/blog\\\/wp-content\\\/uploads\\\/2025\\\/07\\\/pexels-photo-8062358.jpeg\",\"keywords\":[\"Superannuation\"],\"articleSection\":[\"Tax Planning\"],\"inLanguage\":\"en-AU\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.trakaccountants.com.au\\\/blog\\\/div-296-super-tax-and-practical-things-to-consider-2\\\/\",\"url\":\"https:\\\/\\\/www.trakaccountants.com.au\\\/blog\\\/div-296-super-tax-and-practical-things-to-consider-2\\\/\",\"name\":\"Div 296 super tax and practical things to consider - Tax Accountants Varsity Lakes &amp; 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