The “dreaded” Division 293 is an additional tax based on total income and adjusted taxable income, and which applies to both personal and employer contributions to superannuation.

The tax is calculated after the tax return is lodged and can be paid out of pocket or from the super fund. 

The Bongiorno Group’s Senior Tax Manager Chantelle Turner and Ricky Caldow, Director, discuss how Div 293 is not indexed and is aimed at equalizing tax rates for high-income earners. It is important to seek professional advice on super contributions and repayment options.

You’ve been listening to The Money Doctors, proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch.

For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/ 

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