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Welcome back to another episode of the 360 Money Matters Podcast!
In this episode, we unpack Division 296 and what it means for high-income earners, particularly those with superannuation balances exceeding $3 million. We explore how this proposed legislation, though not yet law, is likely to impose a 15% tax on unrealized gains in superannuation, essentially taxing people on growth in asset value even if nothing has been sold. We walk through examples involving property and SMSFs to highlight how problematic this is, especially for illiquid assets like farms and factories. We also discuss the broader implications, including loss of public confidence in the super system, lack of indexation, and how this could eventually impact far more Australians than currently claimed. Ultimately, we emphasize the importance of strategic financial planning and early advice to navigate these looming changes.
Listen to this episode to understand how Division 296 could impact your superannuation and why now is the time to plan strategically.
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This podcast contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This information is provided by Billy Amiridis & Andrew Nicolaou of 360 Financial Strategists Pty Ltd, authorized representatives and credit representatives of Akumin Financial Planning – AFSL 232706
Episode Highlights
What Division 296 is and who it affects
Why taxing unrealized superannuation gains is controversial
How the $3 million threshold is calculated and its lack of indexation
The impact on property owners, farmers, and SMSF members
Strategic considerations to stay below the threshold
Concerns about long-term changes and erosion of trust in the super system
The potential ripple effects on broader tax policy and financial behavior
Why early financial advice is crucial for high-balance super holders
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