Divison 293 Tax – Super Funds

March 26, 2014

Divison 293 Tax – Super Funds

What is Division 293 tax?

Division 293 tax is being introduced from the 2012–13 year to reduce the tax concession on superannuation contributions for individuals with income greater than $300,000 a year.

Division 293 tax will be charged at 15% of an individual’s taxable concessional contributions above the $300,000 threshold (which are capped for 2012–13 at $25,000). For individuals who are members of a defined benefit fund, Division 293 tax may be calculated on notional contributions, which are not capped.

For more information, contact our office or visit the ATO website.

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