The dreaded Division 296 tax – with a silver lining
Proposed legislation now details how the new tax will work from 1 July 2026.
Division 296 – the so‑called “$3 million super tax” – has moved from a political talking point to near‑certain reality, with detailed legislation now on the … Read more
Tax Debt just became even more expensive
What is the cost of not paying tax on time?
The rules surrounding collection of tax are tightening up and being enforced by the ATO. The General Interest Charge (GIC) for all taxpayers is applied to late tax payments at a daily rate.
The GIC is … Read more
Tax Update Feb 2025 – from Andrea McNamara
1. What happened to the 30% 'Super Tax'?
In February 2023, the Federal Government announced a new tax for individual superannuation balances over $3 million. It was described as a 30% tax, but in fact was a second 15% tax on balances over $3 … Read more
Tax Trap
1. Tax Trap ... whoops.
When a taxpayer borrows money for the purposes of acquiring an investment, such as a rental property, a business, a share portfolio or an income generating capital asset, the interest expense associated with the investment … Read more
