Logo
Helpful Resources
  • Close

Request a Consultation

Division 296 tax: what high-balance super members need to do now

From 1 July 2026, Division 296 will introduce additional tax on superannuation balances above $3 million. For many Australians, this will be a marginal change. For high-balance super members, it’s something more significant — a shift that could reshape how sup.....

Wealth, Super, Growth, Business - 2 min read

With one eye on the surplus and one eye on the 2019 election, last night’s budget had some expected pre-election treats. This budget is an election focused budget designed to win the hearts and minds of Middle Income Earners of Australia through tax cuts and differentiation from Labor.

It’s some tinkering without anything grand and it's really starting to target fringe items such as the black economy, R&D claims and splitting of income in partnerships.

Key themes in the budget that may impact our clients include:

  • Medicare Levy to remain at 2%
  • Individual tax rates and Middle Income Tax Offset
  • Vacant land deductions denied
  • Taxation of high profile individuals
  • Instant asset write-off
  • Changes to the R&D Tax Incentive
  • Cash payments limited
  • Integrity of concession in relation to partnerships
  • Expansion of taxable payments reporting
  • Work test exemption for recent retirees
  • Three-year audit cycle for SMSFs

While this is a general overview of the budget, our next step at Altus is to make a start on your Annual Tax Planning.

Have you had your Tax Planning Meeting … or as we call it, Annual Planning MeetingFederal-Budget-CTA-2018

Could Your Business Benefit from an Outsourced CFO?

Set your business on the right path with this simple guide.

Could Your Business Benefit From an Outsources CFO_Resources

Prospective Business Owner - Succession Checklist

Make sure you’re on the right track with this online checklist.

Business Owner - Succession Checklist_Resources
Have a question for Marc Walsh?

Connect with the author of this post and they'll get back to you.

close (1)