Brisbane Times
·general
·2 hours ago
Australia Introduces Division 296 Tax on Super Balances Over $3 Million
Australia's new Division 296 tax on superannuation balances exceeding $3 million from 2026/27 allows trustees to reset asset cost bases to June 30, 2026 market values. The reset is mandatory for all CGT assets if elected, requiring funds to maintain dual cost base records. Trustees must lodge elections by their 2026/27 tax return due date and obtain contemporaneous valuations.
Summary by Glance · Brisbane Times
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