Division 296 tax could be shelved until after the next federal election
$3m Superannuation tax (Div 296 tax) passed the lower house on 9th October 2024, but the government hasn’t secured the necessary crossbench support to pass its proposed tax in the upper house. A guillotine motion containing the Division 296 tax changes failed to pass on 28th November 2024, the government has abandoned the measure for at least this calendar year.
With only one more parliamentary sitting scheduled in February before the next Federal Election, the future of the proposed tax remains uncertain.
It appears increasingly unlikely the Bill will be introduced in its current form by 1 July 2025.
The bill could become an election issue, and the Coalition have already stated they oppose such legislation, and Teals do not support this tax in its current form.
Your BBB Adviser will be in touch with
clients if and when super legislation is passed that could impact you.
Please reach out if you have any questions or need further clarification.
