Division 296 Tax Explained #finance

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Издатель Jun 3, 2026

Division 296 is coming into play and it does affect people with balances over 3 million, but it also affects people that are still accumulating superannuation.
Some people are perhaps not putting as much into super as they could be because they don't want to hit this $3 million mark and then have that extra 15% tax on balances over 3 million.
But it is important to remember that that 3 million threshold is going to be indexed in line with CPI if inflation reaches the target to warrant an index up. So by the time a lot of us do get to retire and age, our superannuation balances might be, hopefully, close to that 3 million or above, and that threshold will also have been indexed up higher. So it isn't so much a hesitation on keeping that 3 million dollar in mind because by the time we get there it will be much higher.
We still have a lot of room to move with superannuation balances and there is still a huge benefit of having a lot of money inside super because up to that threshold in pension phase we are taxed at zero percent, which is still the best tax environment that we can get as individuals.
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