What is the division 293 threshold?
$250,000
Division 293 tax is an additional tax on super contributions, which reduces the tax concession for individuals whose combined income and contributions are greater than the Division 293 threshold. From 1 July 2017, the Division 293 threshold is $250,000. Prior to this, it was $300,000.
What makes up Div 293 income?
Division 293 income taxable income (assessable income minus allowable deductions) total reportable fringe benefits amounts. net financial investment loss. net rental property loss.
What is Div 293 Deferred debt?
Deferred Division 293 tax Payment of Division 293 tax is deferred if raised on a defined benefit account from which no super benefit has yet become payable. Money generally can’t be released from a defined benefit account until a super benefit is paid (usually on retirement).
What is a 293 assessment?
Division 293 tax is an additional tax on super contributions, which reduces the tax concession for individuals whose combined income and contributions are greater than the Division 293 threshold. Division 293 tax is charged at 15% of an individual’s taxable contributions.
When did Division 293 tax start?
1 July 2017
What is the purpose of the division 293 tax?
Division 293 tax is an additional tax on super contributions, which reduces the tax concession for individuals whose combined income and contributions are greater than the Division 293 threshold.
When do I need to fill out Form 8962?
You need to complete Form 8962 if you wish to claim a premium tax credit on your tax return, or you received advance payments of premium tax credits during the year. Form 8962 is used along with Form 1095-A, which your local health marketplace should send you.
What kind of tax is Division 293 tax?
Division 293 tax is the tax paid by high income individuals which reduces the superannuation tax concession they receive. Division 293 tax is the tax paid by high income individuals which reduces the superannuation tax concession they receive.
What do you need to know about Division 293?
These forms enable you to elect to release an amount from your super fund to pay a Division 293 tax – due and payable amount and a Division 293 tax – deferred debt liability amount.