Sharing views on the controversial Division 296 tax, which targets unrealised gains and is set to be implemented in its current form due to minimal Senate opposition and the government’s determination to push it through. While it is a hideous tax on unearned income, there are misconceptions about the impact, as only the proportional increases above the $3 million are taxed, leading to a modest impact unless balances are significantly higher than $3m.
Strategies like reducing balances before implementation or exploring alternatives outside superannuation, such as personal accounts, investment bonds, family trusts, or even gifting, are worth considering.
To watch the full interview, click below and watch in AuzBiz.
Rob Gilmour is the Managing Principal of Wealth Simplicity. The information provided should not be considered personal financial advice as it is intended to provide general advice only. The content has been prepared without taking into account your personal objectives, financial situations or needs. You should seek personal financial advice before making any financial or investment decisions.