Home About Us Our Services Testimonials Latest News Client Resources Contact Us Make an Enquiry
"Ajen is an accountant who is down to earth and genuinely interested in their clients prospering."
"As a trusted advisor you guided our business back on course when the outlook was far from positive and we look forward to your continued assistance into the future"
"His attitude towards his work and my portfolio has been exemplary. He always finds time for me at short notice and is a benefit to all."
"Ajen always has a high standard of professional manner. He continued to give me good advice and is a reliable person, helpful in sorting out problems and finding solutions easily."
"Ajendra has made himself available sometimes even after normal business hours, to assist us with any questions we have, even when sometimes they may have seemed silly or simple, he has answered in full and easy to understand terminology, at no point has he ever made me feel silly for asking."
"He is always accessible to speak with and even calls me to ask if I need help with anything."
"Ajendra's willingness to dedicate "caring time" to his clients sets him apart from others."
"I am confident to refer friends and family to his team because I know they are in the most capable hands. Ajendra’s honest, caring and upbeat nature has been an absolute godsend and I am so thankful that our paths crossed"
"Ajendra’s speaks with you in a language that you can understand and comprehend easily which assists in equity and partnership with your tax agent."
"We find you have a personal approach to your accounting practice, which makes everyone feel like number 1. This is a rare and special trait, and leaves us knowing we are in good hands."
"He is very astute, and at the same time down to earth and really interested in his clients prospering. For people like us who are new to small business this is an absolute god sent."
"He shows a genuine interest and I never feel rushed. He has created a warm and friendly environement."

Major super tax changes now law

Share this article:

Two key Bills have passed Parliament recently that will mean significant changes to Australia's superannuation system that will reshape how high-balance accounts are taxed and boost support for low-income earners.

.

Division 296 tax

The new Division 296 tax, commencing 1 July 2026, targets earnings on large superannuation balances through a two-tiered system for earnings on balances exceeding $3 million:

  • the current 15% tax rate remains for earnings on balances up to $3 million;
  • earnings on the super portion between $3 million and $10 million will be taxed at an effective 30% rate; and
  • earnings on amounts above $10 million will face a 40% effective tax rate.

These thresholds will be CPI indexed to keep pace with inflation. The new tax applies only to future realised earnings, not unrealised capital gains on unsold assets.

Importantly, for the first year only, liability is determined based on your total super balance at 30 June 2027, rather than at the start of the year.

Total super balance calculations

The law also introduces a “total superannuation balance (TSB) value” concept, with each superannuation interest having its own TSB value. Your total TSB becomes the sum of all these values across your Australian superannuation interests an applies from 1 July 2026.

Low Income Superannuation Tax Offset (LISTO) increases

From 1 July 2027, the maximum LISTO increases from $500 to $810, while the eligibility threshold rises from $37,000 to $45,000.

These changes represent the most significant superannuation tax reforms in years. If you have a large superannuation balance, the window before 30 June 2027 provides time to consider your options. Low-income earners will benefit from enhanced LISTO support from 2027.

 

 

 

 

Acctweb

Want to know more?

Do you have a question about something you've read in this article? Need more information? Want to book an appointment? Simply let us know below and we'll get back to you ASAP.

Share this article: