You would need $10 billion in superannuation to pay an effective tax rate of 15 per cent under Labor’s new levy on big balances known as Division 296 tax, analysis shows.
But other modelling suggests the tax sting could be as high as 46.52 per cent for some individuals when Division 296 is added to the existing 15 per cent tax on super earnings.
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Andrew Hobbs covers self-managed superannuation funds (SMSFs), financial planning, retirement, inheritance, tax, personal finance and, sometimes, the Perth Bears. He has been a financial journalist for 30 years, previously at Bloomberg and AAP.
