DIV 296 Tax Calculator

Before You Start

Division 296 Tax specific jargon explained before you start

What does  Total Super Balance (TSB ) at start of year mean?

The Total Super Balance (TSB) at the Start of Year for the purposes of Division 296 is an individual member's total superannuation balance (across all accounts including SMSF, Industry and Retail funds) immediately before the commencement of the income year (30 June).


What does Total Super Balance (TSB) at the End of Year mean?

The Total Super Balance (TSB) at the End of Year for the purposes of Division 296 is the individual member's total superannuation balance  (across all accounts including SMSF, Industry and Retail funds) at the close of the financial year, which is 30 June.


What is a withdrawal?

For Division 296 Tax purposes, a withdrawal is any money or an in specie transfer paid out of your superannuation fund during the year, which is then added back to your closing balance. This ensures the tax is calculated only on the genuine earnings of your superannuation interests.

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Examples of withdrawals include:

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  • Super benefit payments (lump sums (cash or in specie transfer of assets) and pensions)
  • Contribution splitting (paid to your spouse)
  • Family law splitting payments (paid to your spouse)
  • Amount withheld from an untaxed rollover amount
  • Amount released under a valid release authority
  • Any amounts prescribed by regulation
  • First home super saver scheme (FHSSS) valid release authority



What is a contribution?

For the purposes of Division 296, a contribution is any money that is added to your superannuation fund during the financial year. The total of your contributions is subtracted when calculating your earnings for the tax, as they represent new capital added to your super and are not investment returns generated by the fund.

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Examples of contributions include:

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  • 85% of your concessional contributions
  • Downsizer contributions
  • Capital gains tax cap contributions
  • Contribution splitting (received from spouse)
  • Family law splitting payments (received from spouse)
  • Total Super Balance (TSB) of super death benefit income stream
  • Death or Total and Permanent Disability (TPD) Insurance proceeds
  • Allocated amounts from reserves
  • A transfer from a foreign super fund
  • Remediation payment/compensation for loss of fraud or dishonesty
  • Any amounts prescribed by regulation



Division 296 Tax Calculator

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Results

Earnings: −
Proportion of TSB over $3m: −
Taxable Earnings: −
Estimated Div. 296 Tax Payable: −