The “dreaded” Division 293 is an additional tax based on total income and adjusted taxable income, and which applies to both personal and employer contributions to superannuation.
 
The tax is calculated after the tax return is lodged and can be paid out of pocket or from the super fund.
 
The Bongiorno Group’s Senior Tax Manager Chantelle Turner and Ricky Caldow, Director, discuss how Div 293 is not indexed and is aimed at equalizing tax rates for high-income earners. It is important to seek professional advice on super contributions and repayment options.
 
Bongiorno Group

home

For more information, please call 03 9863 3111

This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product disclosure Statement before deciding to acquire the product.