Advisely ContributorThis is not a part of the individuals tax return Conrad. It is a separate new tax that is levied personally. The ATO will issue an assessment and the person can pay directly or, request release from a super balance they have an interest in. Div 296 has no connection to personal taxable income. With so much misinformation in the airwaves it is important not to add to it.
Advisely ContributorThanks for the comment.
To clarify for others, my reading and advice states that while Division 296 isn’t included in your assessable income per se, it is issued as a personal tax liability, much like Division 293, and is managed through your ATO profile.
The ATO will issue an assessment, and individuals can either pay it directly or request a payment arrangement from their super fund.
I appreciate the opportunity to refine the messaging, especially given the significant shift in the superannuation landscape.
