The Australian Taxation Office will send an email or SMS to individuals who will receive their first Division 293 tax assessment or, who will receive it in myGov if they have linked their account to the ATO.
Division 293 tax was introduced from FY2013 to increase tax on contributions for individuals with income greater than $300,000 a year. Prior to Div 293 tax, super contributions were taxed at 15%. With the introduction of Division 293, you are taxed at 15% on either your contributions, or the amount that is over $300,000 – whichever amount is lower.
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