Division 296 – Commencement Approaching

Division 296 – Commencement Approaching
Earlier this year, we outlined the proposed Division 296 tax changes affecting individuals with superannuation balances exceeding $3 million.
With the commencement date of 1 July 2026 now approaching, clients who may be impacted should consider reviewing their superannuation and investment strategies.
The new Division 296 tax is expected to apply to individuals whose total superannuation balance exceeds $3 million. While only a small percentage of Australians are expected to be impacted, the measure has attracted significant attention due to its potential implications for high-balance superannuation accounts.
At the time of writing, the legislation is expected to commence from 1 July 2026, with the first assessment period beginning from that date.
If you have questions regarding the Division 296 changes or would like to discuss how the new rules may apply to your circumstances, please contact our Superannuation team.




