Clarifying Div 296
/The proposed new superannuation tax on balances above $3.0m represents a major change in the way taxation works in this country. For the first time “unrealised capital gains” will be taxed, which has understandably created significant controversy in superannuation and taxation circles, not to mention amongst investors. However, the discussion of this new Div 296 tax is largely characterised by misinformation and misunderstanding. It also still has some way to go before becoming law. Accordingly, we attach the answers to some Frequently Asked Questions, as well as a calculator.
