Lowering the threshold for Division 293 tax to an annual income of $250,000

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May 31, 2022
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Article published by RJS Wealth Management Pty LtdAn anti-detriment payment enables the refund of contributions tax paid during a fund member’s lifetime, which is then paid as a lump sum to certain dependent/s (spouse, former spouse, child including adult child) of a deceased fund member.Division 293 reduces the tax concession on superannuation (super) contributions for individuals with an income greater than the limit in place. From 1 July 2017, this limit will decrease from $300,000 to $250,000.As a result, 15{89774503f1dc5a8067a215bf11c503ad6eecdd9fbdfb7beae4875fba6258e357} tax will be charged on an individual’s taxable concessional contributions above the threshold.Superannuation can be complicated. To find out how these and other superannuation reforms affect you, what action you should take or to simply ask a question, contact an RJS Wealth Management Professional on 1300 256 526. In many circumstances, it may be ideal to take action now.Related articles:

Source: ato.gov.auThis blog has been prepared by RJS Wealth Management Pty. Ltd. ABN 24 156 207 126. RJS Wealth Management Pty. Ltd. is a Corporate Authorised Representative (No. 438158) of Modoras Pty. Ltd. ABN 86 068 034 908 an Australian Financial Services and Credit Licensee (Number 233209). The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals personal circumstances have been taken into consideration for the preparation of this material. Any individual making a decision to buy, sell or hold any particular financial product should make their own assessment taking into account their own particular circumstances. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Pty Ltd recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this fact sheet can change without notice. Modoras Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication.

June 1, 2022

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