Tag: wealth management tools
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Division 296: New Tax Rules Impacting Super Balances Over $3M
In the realm of superannuation, there’s a new tax frontier on the horizon known as Division 296, poised to impact individuals with super balances exceeding $3 million. While this measure is not yet law, the proposed changes are causing a stir among those in the financial landscape. The crux of Division 296 is to levy…
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Proposed Superannuation Reforms Target Wealthy Australians for Fairness
Superannuation tax concessions have been a contentious issue, with the government proposing changes to address what many perceive as an unfair advantage for the wealthiest Australians. Currently, superannuation earnings are taxed at a concessional rate of 15%, a significant benefit for most individuals and a substantial advantage for the affluent who would face a 45%…
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New Tax Targets Wealthiest Super Accounts in Australia by 2025
Superannuation changes set for 2025 are causing a stir, particularly the introduction of a new tax targeting the wealthiest super accounts in Australia. While the adjustments are slated to take effect on July 1, there is a wave of misinformation circulating, muddying the waters between fact and fiction. A Richer Retirement: Supercharging the 4% Rule…
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Macquarie Agrees to Compensate Investors in Shield Master Fund
Macquarie has reached a significant agreement with the corporate regulator to compensate investors in the failed Shield Master Fund. This deal will see millions of dollars returned to around 3000 members of the Macquarie Superannuation Plan who invested in Shield. The remediation process will ensure that members receive 100% of their investments by a specified…
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Federal Tax Bill Impacts Superannuation Strategies for High Balances
The Federal Government is pushing forward with the Division 296 Tax Bill, targeting individuals with superannuation balances exceeding $3 million. The legislation proposes an additional 15% tax on earnings over this threshold, including unrealized capital gains. This new tax dynamic raises strategic considerations for affected individuals, who must carefully plan their financial moves to mitigate…
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Division 296 Tax Plan Sparks Wealthy Exodus Concerns in Australia
Australia’s Division 296 Tax Plan is causing a stir in the financial landscape, particularly for those with high-balance superannuation accounts. The plan, set to be implemented on July 1, 2025, introduces a 15% charge on superannuation earnings exceeding A$3 million, effectively creating a 30% tax rate above the threshold. What’s grabbing headlines is the inclusion…
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Labor’s Super Tax Plan Sparks Debate and Speculation
Labor’s proposed superannuation tax changes, spearheaded by Treasurer Jim Chalmers, have stirred a wave of debate and speculation. The plan, targeting super balances exceeding $3 million, is seen by some as a necessary step towards revenue generation, while others fear its implications on investment and younger Australians striving to build their retirement savings. Superannuation and…
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Tax Expert Criticizes Wealthy Backlash Against Labor’s Super Plan
Leading tax expert Paul Tilley has criticized the backlash from wealthy Australians against Labor’s plan to adjust super concessions for balances exceeding $3m. Tilley, a former senior Treasury official, highlighted the equity issues within the super system that necessitate reforms to address the imbalance. Superannuation and Taxation: A Practical Guide to Saving Money on Your…