The ATO has been using “Additional tax on concessional contributions (Division 293) assessments; with respect to liabilities relating to the 2018 income year.
Division 293 imposes an additional 1% tax on certain concessional (ie. taxable) superannuation contributions.
This means that impacted individuals may ultimately pay 30% tax (when the Division 293 tax is combined with the existing 15% contributions tax ) with respect to:
Read More: February 2019 – Practice Update
