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Breaking down the Division 296 super tax changes
In this Australian Retirement Podcast episode, your hosts Drew Meredith from Wattle Partners and James O'Reilly from Northeast Wealth discuss the significant changes to Australia's proposed Division 296 superannuation tax legislation.
The government has made substantial amendments to the controversial super tax policy, addressing many of the concerns raised by financial advisers, industry groups, and retirees. The most significant change? The removal of tax on unrealised capital gains - a world-first proposal that would have set a dangerous precedent.
Drew and James explain what the original proposal entailed, why it was problematic, and what the new changes mean for Australians with substantial superannuation balances. They also discuss the introduction of a new $10 million threshold, indexation of caps, and the delayed implementation timeline.
Whether you're approaching retirement with a growing super balance or already retired and managing your wealth, this episode provides crucial insights into how these tax changes might affect your retirement planning strategy.
If you like this Australian Retirement Podcast episode on the Division 296 changes, you'll love the series. Don't forget to subscribe for weekly shows on Apple, Spotify, YouTube or wherever you get your podcasts.
Topics Covered Today
- What's happening with gold prices and should you be buying gold NOW
- Division 296 Tax Explained: The original proposal and its problems
- Breaking Changes: Removal of unrealised capital gains tax
- Introduction of the $10 million threshold with 40% tax rate
- Who will be affected: 90,000 at the $3m threshold, 8,000 at $10m
- Outstanding issues with defined benefit pensions
Resources for this episode
- Ask a question (select the Retirement podcast)
- Visit TermPlus to learn more
Rask Resources
- All services
- Financial Planning
- Invest with us
- Access Show Notes
- Ask a question
- We love feedback!
Follow us on social media
Instagram: @rask.invest
TikTok: @rask.invest
Instagram: @rask.invest
TikTok: @rask.invest
DISCLAIMER:
This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG):
https://www.rask.com.au/fsg
Learn more about your ad choices. Visit megaphone.fm/adchoices
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By RaskIn this Australian Retirement Podcast episode, your hosts Drew Meredith from Wattle Partners and James O'Reilly from Northeast Wealth discuss the significant changes to Australia's proposed Division 296 superannuation tax legislation.
The government has made substantial amendments to the controversial super tax policy, addressing many of the concerns raised by financial advisers, industry groups, and retirees. The most significant change? The removal of tax on unrealised capital gains - a world-first proposal that would have set a dangerous precedent.
Drew and James explain what the original proposal entailed, why it was problematic, and what the new changes mean for Australians with substantial superannuation balances. They also discuss the introduction of a new $10 million threshold, indexation of caps, and the delayed implementation timeline.
Whether you're approaching retirement with a growing super balance or already retired and managing your wealth, this episode provides crucial insights into how these tax changes might affect your retirement planning strategy.
If you like this Australian Retirement Podcast episode on the Division 296 changes, you'll love the series. Don't forget to subscribe for weekly shows on Apple, Spotify, YouTube or wherever you get your podcasts.
Topics Covered Today
- What's happening with gold prices and should you be buying gold NOW
- Division 296 Tax Explained: The original proposal and its problems
- Breaking Changes: Removal of unrealised capital gains tax
- Introduction of the $10 million threshold with 40% tax rate
- Who will be affected: 90,000 at the $3m threshold, 8,000 at $10m
- Outstanding issues with defined benefit pensions
Resources for this episode
- Ask a question (select the Retirement podcast)
- Visit TermPlus to learn more
Rask Resources
- All services
- Financial Planning
- Invest with us
- Access Show Notes
- Ask a question
- We love feedback!
Follow us on social media
Instagram: @rask.invest
TikTok: @rask.invest
Instagram: @rask.invest
TikTok: @rask.invest
DISCLAIMER:
This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG):
https://www.rask.com.au/fsg
Learn more about your ad choices. Visit megaphone.fm/adchoices