Division 296 tax, the proposed new $3 million super fund tax on unrealised gains, did not pass in the Senate yesterday, 13 February 2025.
Division 296, if passed, would impose an additional 15% tax on members with a $3 million or more total super balance (not indexed).
Division 296 is now unlikely to be put to the Senate before an election, and is expected to become a key election issue.
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