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John Wasiliev

Labor’s ‘double taxation’ in super may not be as steep as you think

A 30 per cent tax rate is unlikely to ever apply to the entirety of annual earnings for people with balances above $3 million.

John WasilievColumnist
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Q: I wish to ask about the new Division 296 tax on realised and unrealised capital gains in member balances greater than $3 million where the super is mostly in a property portfolio in a self-managed superannuation fund.

My wife and I are 66, and we established the fund over 30 years ago with property that has gained in value, so we both have balances exceeding $3 million.

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John Wasiliev is a veteran SMSF specialist and has provided answers to readers' questions on superannuation for decades. Have a super question you'd like answered? Email John at superquestions@afr.com
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    Original URL: https://www.afr.com/wealth/personal-finance/labor-s-double-taxation-in-super-may-not-be-as-steep-as-you-think-20240514-p5jdn5