Understanding Division 293 Tax: An Additional Superannuation Tax for High-Income Earners
Division 293 tax is an additional tax on concessional superannuation contributions for high-income earners in Australia. It is applied at a rate of 15% on certain super contributions when an individual’s combined income and concessional contributions exceed $250,000 in a financial year. This tax effectively reduces the tax concession available to higher-income individuals, ensuring a…