Unpacking the New Super Tax Bill and Community Support Initiatives

Superannuation has been coming up in the headlines a bit recently, with an increase in tax on super accounts set to affect some of the wealthiest Australians - at least, in the short term… But some economists are concerned that over time, it could impact millions of us… So in this Squiz Shortcut, we’ll explain what the changes are, how they’ll be applied, and why they’ve sparked such a big debate.

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Number crunching: This ATO fact sheet on Division 296 has the formula for how the Taxation Office will calculate the new tax plus examples of various financial scenarios if you’re keen to dive in.

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