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Notes Online Home 2024 Tax Schools Day 1 What's new for Individuals
Government introduces NEW 15% tax for super balances exceeding $3 million
This section of the notes clarifies the Governments new 15% tax introduction for super balances exceeding $3 million, more specifically:
- When will an individual be liable to pay the new 15% Division 296 tax from 1 July 2024?
- Calculating an individual’s TSB for Division 296 purposes — LRBA amounts are excluded
- Calculating the 15% Division 296 tax for an income year TSB’s above $3 million
- The Division 296 tax and unrealised gains
- Dealing with negative superannuation earnings for an income year — the carry-forward rules
- Exclusion for superannuation earnings related to interests in certain funds
- Paying a Division 296 tax liability — who is liable and when is a liability payable?