Super’s Division 296 Tax – What the New Changes Mean for You
Treasurer Jim Chalmers has announced significant changes to the proposed Division 296 tax, softening earlier concerns and reshaping how high-balance superannuation accounts will be taxed. At MLS Financial Penrith, we break down what the new rules mean and how they may affect members with large super balances—particularly SMSF trustees and high-net-worth individuals. Background – The […]
What Happens to My Super When I Retire?
For many Australians, superannuation is one of the biggest assets they’ll ever own — and understanding what happens to your super when you retire is essential to making the most of it. At MLS Financial Penrith, we help clients navigate this transition every day, turning super savings into reliable income that supports the lifestyle they’ve […]
Division 296 Tax
Understanding Division 296 tax, the $3 million Superannuation Tax Estimated reading time: 2 minutes The Australian Government has proposed a new tax measure, known as Division 296 tax, or colloquially known as the $3 million Superannuation tax. It is aimed at modifying the tax treatment of superannuation balances exceeding $3 million. Set to commence on […]