The biggest announcement regarding super in the last 12 months is the $3 million threshold applying to the tax concessions on superannuation benefits. With the release of draft legislation in October 2023 for this new Division 296 tax, this session will provide an update on the progress of the draft legislation, as well as a focus on:
- The Division 296 legislation – how the new tax will operate
- Tips and traps between now and the commencement of the new provisions at 1 July 2025; and
- Strategies and opportunities to consider for clients, including addressing some common questions such as:
- Do we benchmark down to $3 million (where eligible)?
- Are additional super contributions worthwhile?
- Should I invest differently in my super fund now?; and
- What other actions should be taken to manage any tax impost.