Your Questions Answered on the Proposed 30% Tax on Super Balances over $3M
The Government is reducing the tax concessions available to individuals whose total superannuation balances exceed $3 million. Individuals with balances over this threshold will be subject to an additional tax of 15 per cent on the earnings on any balance that exceeds the $3 million threshold.
This change will bring the tax rate on earnings, corresponding to that proportion of the balance greater than $3 million, to 30 per cent.
In this Webinar, Wilson Pateras’ Principal Mark Forte and Senior SMSF Manager, Nilay Shah discussed:
- What are the current rules in relation to the new $3M super cap?
- Proposed tax on $3m super balances
- Calculation Method of earnings on any balance that exceeds the $3 million threshold
- What are the concerns or challenges and the matters that should be considered
For further enquiries, please contact Wilson Pateras on 03 84199800 or www.wilsonpateras.com.au.