Life Interests Testamentary Trusts

WHAT IS DIVISION 293 TAX?

Division 293 Tax is an additional 15% tax on superannuation contributions for individuals whose combined income and contributions are greater than the $250,000 threshold.

Division 293 income is the sum of the following amounts:

– Taxable Income
– Total Reportable Fringe Benefits
– Net Financial Investment Loss
– Net Rental Property Loss
– Net amount on which Family Trust Distribution Tax has been paid
– Super Lump Sum taxed elements with a zero tax rate
– Assessable First Home Super Saver released amount

This tax is levied to the individual who may then make an election to release the amount from their superannuation fund balance.

Find out more at https://www.ato.gov.au/Individuals/Super/In-detail/Growing-your-super/Division-293-tax—information-for-individuals/?=redirected_division293

 

The content within these articles was correct at the time of writing. Please contact us for updated information and advice. 

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.

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