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fax CFL Financial 07 3328 8999
phone CFL Financial 07 3328 8988
Email CFL Financial mail@cflfinancial.com.au

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Reduced super concessions under Division 293 tax

Posted on Mar 28, 2014 by CFL Financial

A tax may apply to individuals with high incomes to reduce the amount of concession paid on their super contributions. This tax is known as Division 293 tax.

Division 293 tax was introduced to reduce the concession on superannuation contributions for individuals with income greater than $300,000 per annum.

Under Division 293 of the Income Tax Assessment Act 1997 tax will be payable on certain contributions made from 1 July 2012.

If an individual’s income for surcharge purposes, plus their low-tax contributions are greater than $300,000, they may be liable to pay an extra 15 per cent tax on their taxable contributions.

For individuals who are members of a defined benefit fund Division 293 tax may be calculated on notional contributions, which are not capped.

There are also modifications to the contribution calculation for constitutionally protected state higher level office holders or Commonwealth justice.

To calculate whether an individual has income and low-tax contributions greater than $300,000 the ATO will be looking at:

-taxable income

-total reportable fringe benefit amounts

-net financial investment loss

-net rental property loss

-amounts on which family trust distribution tax has been paid

-super lump sum taxed elements with a zero tax rate.

The ATO will begin issuing Division 293 tax notices of assessment for the 2012-13 financial year to affected individuals from early February 2014.

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Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

Retirement-prosperity-thumbnail

The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

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Email:
Phone: 07 3328 8988
Fax: 07 3328 8999

Office Location:
Level 15, 10 Market Street,
Brisbane,
QLD 4000

Postal Address:
GPO Box 2468,
Brisbane,
QLD, 4001

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