Taxgate Accountants

If your taxable income, reportable fringe benefits, net investment loss and concessional super contributions combined exceed $250,000, you may be hit with Division 293 tax, which adds an extra 15% tax on the excess over the threshold or taxable super contributions, whichever is lower.

✔️ Why it matters:
You will be paying an extra tax!

✔️ What you can do:

Keep an eye on your total income + employer super contributions. Do tax planning to minimize or avoid paying extra money legally.

Consider salary sacrifice arrangements if possible.

Best action you can take is to speak to your accountant to plan ahead and avoid surprises.

Staying proactive can help you manage the additional tax and keep your super and investment strategies on track!