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$3 million super tax (Division 296 Tax)
What it is, who’s affected, and how it’s calculated
What is the Division 296 Tax?
Division 296 is a proposed tax measure announced by the Labor Government. It introduces an additional tax on certain earnings associated with an individual's Total Superannuation Balance (TSB) where that balance exceeds $3 million. The originally proposed measures had caused some concerns, particularly the proposal to tax unrealised capital gains and the absence of indexation to the $3 million threshold.
What’s the status (last updated 13 October 2025)?
In response to stakeholder feedback, the Federal government has announced changes to the design and implementation of its Better Targeted Superannuation Concessions policy to ensure a more practical and balanced approach.
Here is the summary of new key changes to the Division 296 tax announced by the Federal Treasurer:
- Two major concerns addressed:
-
- No longer taxing unrealised capital gains
-
- Thresholds will now be indexed to inflation
- Division 296 Tax will instead now be calculated on realised earnings which will be based on taxable income, adjusted for elements such as contributions and pension phase income.
- New tax thresholds and rates proposed:
-
- $3million threshold: 15% extra tax on realised earnings above this
-
- $10million threshold: 25% extra tax on realised earnings above this
- Both thresholds will be indexed with inflation (increasing in steps of $150k for the $3 million threshold and in steps of $500,000 for the $10 million threshold).
- Commencement date delayed to 1 July 2026 with first relevant calculation date being 30 June 2027. This means the first notices of Division 296 assessments will be expected to be issued in the financial year 2027/28.
The draft legislation is yet to be released and a consultation period will follow. The government will consult the sector on the best approach to:
- calculate realised earnings and attribute to in-scope (i.e. Division 296 tax applicable) individuals.
A Super Fund’s realised earnings will be based on its ‘taxable income’, adjusted for elements such as contributions and pension phase income, and the calculations will be closely aligned to existing tax concepts. For individuals investing through pooled superannuation funds, these funds will need to determine (with the ATO’s guidance) a “fair and reasonable” approach to attribute an appropriate share of realised earnings to each individual where the DIV296 tax applies.
- extend the existing exemption for some judges to improve consistency across jurisdictions
- make additional changes necessary to ensure commensurate treatment is maintained for defined benefit members.
Who will be affected by Division 296 Tax?
Division 296 tax will apply only if an individual's TSB exceeds $3 million at the end of each financial year.
This means:
- Individuals with high superannuation balances across all phases (accumulation and retirement) may be impacted.
- Even if part of the balance is in a tax-free retirement phase, it still contributes to the TSB and may trigger the tax.
- The measure is designed to target wealthier superannuation holders.
Do I need to take any action right now?
The draft legislation is yet to be released and a consultation period will follow. Therefore, we do not recommend individuals make any (strategic) changes to mitigate this tax until the Bill passes as full details of the measure are not yet available and final legislation may differ from the proposal.
Based on the announced changes, the proposed commencement date is 1 July 2026, with the first relevant date being 30 June 2027. This provides individuals with time to consider their options once the legislation is finalised.
For example then, if a person with more than $3million in their super, had chosen to withdraw some of their super before this date, reducing their balance below $3million at the end of the 2027 financial year, then they would not have any exposure to this proposed tax for that financial year.
Who should seek financial advice?
We suggest that all individuals who have at least $3 million in their superannuation balance, or are nearing this level, should arm themselves with information regarding how the new proposal for the Division 296 tax may apply to them, in particular, you should consider seeking tailored tax and financial advice if you are in any of these situations:
- Single-asset Self Managed Super Fund
Particularly if the asset is illiquid, such as property or unlisted investments - Significant balance but no access to super
For example, if you haven’t met a “’condition of release’” you may wish to discuss your superannuation contribution strategy with a Financial Adviser. - Significant balance and able to access your super
You may have options that could limit the application of this proposed tax regime. These options should be reviewed holistically in conjunction with your overall investment strategy and any asset holdings and incomes outside of superannuation. - Individuals with specific estate planning requirements
Any strategies with regard to your superannuation balance should be considered in conjunction with any estate plans that you and your family have in place.
How the new proposed Division 296 calculation works
Whilst the following is based solely off the government’s announcement from 13 October 2025, to work out the new revised calculation of Division 296 tax, follow the steps in the images, followed by a worked example.
Step 1: Calculate the proportion of the Total Super Balance (TSB) exceeding the $3 million threshold.
Step 2: Calculate the proportion of the TSB exceeding the $10 million threshold (if applicable)
Step 3: Calculate the total Division 296 tax liabilities by applying the relevant tax rate to the earnings associated with the proportion of your individual Total Super Balance (TSB).
Worked example: Beverley has a Total Super Balance (TSB) of $20m on 30 June 2027. During the financial year 2026/27, her super has realised earnings of $1,000,000. Therefore, the new proposed Division 296 tax is calculated as follows...
Potential strategies to consider
The legislation for Division 296 is not yet law, and every individual’s circumstances are unique - seeking personalised financial advice is strongly recommended before taking any action.
Should you consider withdrawing funds and investing elsewhere, you can only do so if you meet an eligible condition of release. Once withdrawn from the superannuation environment you may be ineligible to recontribute these funds back.
Investing in your personal name (tax up to 45% plus Medicare levy), a company (typically taxed at 30%), or a family trust (subject to beneficiaries’ personal tax rate) may offer different outcomes. This would require financial modelling to compare overall tax positions.
Even with Division 296, the super environment may still offer better after-tax returns, particularly if your fund is either wholly or partially in retirement phase. Additionally, withdrawing funds to reduce a client’s total super balance below the $10million threshold as at 30 June 2027 may offer limited (tax) benefit, particularly if the reduction is marginal and exit costs are involved. The effectiveness of such a strategy will depend on the final legislation and how the Division 296 tax is applied.
You may consider spouse contribution splitting or contribution strategies if your spouse or adult children have lower balances (subject to eligibility).
Ensure your fund has sufficient liquidity to meet the Division 296 tax, should it become payable.
Consider Capital Gains Tax implications and transaction costs if liquidating assets.
Review your investment portfolio(s) with a view to structuring them differently.
If you use your superannuation as asset protection or it forms part of your estate plan, you will need to consult with your estate planning adviser to ensure there would be no unintended consequences of changing your superannuation interests.
Got questions about Division 296 and your super?
Speak with our team today to get personalised guidance tailored to your financial situation.
Your best interest at heart
When your financial world is complex, you need more than just advice – you need a team that sees the full picture. Perpetual and Fordham work together to deliver a seamless, end-to-end experience that brings together strategic investment advice, financial planning, and specialist tax, accounting and business advisory expertise.
A holistic experience, delivered by an aligned team
Whether you're navigating investments, structuring your business, or planning for retirement, our integrated approach means you don’t have to go anywhere else. Sit down with your Perpetual financial adviser and Fordham tax specialist – together. With one team aligned around your goals, you can move forward with clarity and confidence.
Perpetual is an ASX-listed, diversified financial services company which has been serving Australians since 1886 when it was established as a trustee company by a group of businessmen including Sir Edmund Barton, later to be Australia’s first Prime Minister. That trustee heritage – and the culture it created around putting clients first – is what makes Perpetual unique.
We have been earning the trust of our clients for more than 130 years and pride ourselves on our long-standing client relationships – some of which span five generations.
Trust is earned, every day.
Our approach to financial advice follows a proven methodology - we invest serious amounts of time talking to clients about their needs so we can truly understand where they are now and where they would like to be. We then develop a sophisticated financial plan with a transparent fee structure.
It is at this point that the breadth of the Perpetual service becomes important. We will direct you to a wide range of external service providers if we believe they will best meet your needs.
But within our walls we can also offer you access to specialists in investing (across all asset classes), superannuation, insurance, property, estate planning, philanthropy, business advisory services and tax and accounting. Everything you need to execute a financial plan that gets you to your goals - whether you’re an individual, a business owner, a not-for-profit or an indigenous community.
A crucial part of the overall strategy - whatever your aims - is regular, shared reviews to make sure your strategy stays on track and is adapted to your changing needs (and changes in the economy, legislation or investment markets).
Meet the team
Perpetual Private Partners
Roxanne Gorman
Roxanne Gorman
Partner, NSW
Phone
0408 371 519
Email
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Bio
Roxanne is an experienced and highly qualified wealth management professional having held various leadership and adviser roles within Private Banking and Private Client segments over the past 20 years.
As a Partner within Perpetual Private Clients Roxanne leads teams of Senior Financial Advisers and Associate Advisors across NSW and the ACT - providing exceptional service and holistic advice to retail and wholesale clients.
Roxanne also manages a select number of high net worth client relationships ensuring objectives are consistently met. Roxanne works with clients to bring clarity, direction and discipline to their financial and investment affairs.
As a leader and financial adviser Roxanne is focussed on developing strong client relationships with a particular interest in Family Wealth taking into account investment strategies and market conditions.
Roxanne has a Bachelor of Arts (Economics), Master of Financial Planning and a MBA. Roxanne is also a CFP member of the FPA and has completed all FASEA requirements.
Richard McClelland
Richard McClelland
Partner, NSW
Phone
02 9229 9340
Email
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Bio
Richard McClelland helps High Net Worth individuals and families secure their financial future.
Supported by Perpetual’s broad range of services, Richard helps his clients build, protect and transfer their wealth to the next generation.
Richard’s strengths lie in his ability to obtain a deep understanding of his client’s circumstances, take into consideration their goals; and then develop and monitor a plan to align the two.
Richard is the definition of a holistic Financial Adviser. He has more than 15 years’ experience; has achieved a Masters in Financial Planning, and is a Certified Financial Planner (CFP®).
- His area of specialties encompass:
- Financial Planning
- Superannuation (Inc. SMSF and SAF)
- Wealth protection and asset structuring
- Investment, asset allocation and portfolio construction
- General estate planning
- Charitable planning and philanthropy
When not working Richard enjoys spending time with his family including his Canadian wife and two sons on Sydney’s Northern Beaches. Richard enjoys keeping active via a range of outdoor activities including surfing, mountain biking, running and anything snow related.
Carolyn O'Reilly
Carolyn O'Reilly
Partner, VIC
Phone
03 8628 0403
Email
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Bio
Carolyn has over 25 years of wealth management and financial markets experience.
As a Partner within Perpetual Private Carolyn specialises in providing complex strategic and investment advice to high net worth individuals and families. She also specialises in providing financial advice to women and is passionate about improving female financial literacy, enabling women to make financial decisions which promotes security, stability and financial freedom.
Prior to joining Perpetual Private in 2009 Carolyn held roles at Macquarie Private Bank and JP Morgan Chase.
Carolyn has a Bachelor of Economics, Graduate Diploma in Applied Finance, Diploma of Financial Planning and is also a CFP member of the FPA and has completed all FASEA requirements.
Carolyn is also a board member of The Beautiful Bunch, a social enterprise which provides training and employment opportunities for young refugee women.
Tony Mastromanno
Tony Mastromanno
Partner, VIC
Phone
03 8628 0581
Email
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Bio
Tony is the Associate Partner of VIC’s High Net Worth division.
Tony provides sophisticated financial advice to Perpetual’s private clients. He has extensive experience in investment management, retirement planning, superannuation, taxation, estate planning and recommending appropriate strategic structures.
Tony enjoys working closely with clients to develop highly effective investment strategies and structures which help to ensure that their financial goals are achieved.
Tony has a Diploma in Financial Planning – Financial Planning Association of Australia, 2003. He joined the financial services industry in 1993 and has been with Perpetual since 2002. His previous roles and experience in financial services include Financial Adviser and Client Relationship Manager with AMP and the Commonwealth Bank.
Mark Vignaroli
Mark Vignaroli
Partner, VIC
Phone
03 8628 0454
Email
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Bio
Mark is a Partner in a team that specialises in providing a fully integrated wealth management solution to successful business owners and high net wealth families.
Mark is highly qualified and experienced Private Wealth professional with over 25 years’ experience in wealth management and capital markets.
Over the years with the backing of Perpetual’s specialist teams in accounting, tax, philanthropy, investment strategy and research Mark has successfully assisted business owners transition their business wealth to personal wealth, empowered families to achieve their aspirations and successfully transfer wealth to the next generation.
Mark’s main areas of expertise are:
- Intergenerational family wealth planning and inheritance advice
- Retirement planning
- Investment management and asset allocation advice
- Philanthropy.
Mark has a Bachelor of Commerce (Accounting), a Graduate Diploma in Applied Finance, Accredited Estate Planning Strategist and is a Certified Financial Planner (CFP).
Steven de Natris
Andrew Parker
Andrew Parker
Partner, SA
Phone
08 8418 5611
Email
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Bio
Andrew is the Partner of SA’s Not For Profit division.
With over 32 years experience, Andrew specialises in advice to large complex organisations, family offices, not-for-profit clients and philanthropic trusts. He has a deep understanding of the unique needs and strategic objectives of not-for-profit organisations and helps his clients implement best practice investment policies. Andrew also connects clients to other parts of the Perpetual business, including Philanthropic services.
Prior to joining Perpetual, Andrew held senior adviser roles within commercial and private banking based in Adelaide for the last 9 years. Andrew has also held senior manager roles in institutional banking at JPMorgan Chase, Deutsche Bank and Royal Bank of Scotland in Tokyo, Singapore, London, New York and Sydney over a period of 20 years.
Andrew has a Bachelor of Business (Finance), Advanced Diploma of Financial Planning, is an accredited Self- Managed Super Fund adviser (SMSFA) and speaks several languages.
Antony Pupovac
Antony Pupovac
Partner, QLD
Phone
0413 578 095
Email
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Bio
With over 25 years of experience in financial services, Antony Pupovac is a Partner and Financial Adviser at Perpetual Private. His distinguished career spans senior roles at some of Australia’s most respected institutions.
Antony began his advisory journey in 1999, building a reputation for delivering strategic, client-focused solutions across financial planning, investment strategy, investment policy governance, superannuation, retirement income streams, risk management and estate planning. He spent 12 years at Ord Minnett as a Senior Private Wealth Adviser, following 8 years at Commonwealth Private Bank as Senior Wealth Manager Strategic Advice where he honed his expertise in high-net-worth client advisory.
Antony holds a Bachelor of Business, a Diploma of Financial Planning, attained the Certified Financial Planner (CFP®) designation with further accreditation in SMSF’s and registered tax (financial) adviser. He is a member of the Financial Advice Association of Australia.
Based in Brisbane as part of the Private Clients QLD team, Antony brings deep technical knowledge and a collaborative approach to helping individuals, families, business owners, executives, philanthropists and not-for-profit organisations achieve their purpose and financial goals with confidence.
Fordham Partners
BBus (Acc), CA, CTA, RG146, FBA, Specialist Accredited Advisor
Lead Partner
Darren Wilson
Darren Wilson
BBus (Acc), Grad Dip Tax, MTax, CA, FTI Lead Partner
Phone
03 9611 6713
Email
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Bio
For more than twenty years, Darren has been providing business, taxation and asset protection solutions to the owners of privately-owned businesses. His passion lies in not only looking after their business needs, but also ensuring the growth and protection of his clients’ family wealth.
Darren has managed many projects to a successful conclusion for his clients including sale of business, matrimonial disputes and ATO audits. He also has significant experience assisting clients with estate planning, business acquisition and business divestment.
His experience covers a broad range of industries including retail, wholesale, professional services and property development. Darren has substantial practical experience in taxation matters and leads Fordham’s internal tax excellence group. This puts him at the forefront of tax minimisation strategies for income tax, capital gains tax, superannuation and GST.
Having completed a Master of Taxation degree to add to his Chartered Accounting qualification and Fellow status of the Tax Institute of Australia, Darren is a regular tax presenter at industry events.
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Michael Sutherland
Michael Sutherland
BBus (Acc), CA, CTA, RG146, FBA, Specialist Accredited Advisor Lead Partner
Phone
03 9611 6733
Email
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Bio
Michael joined Fordham in 2001 and is now the lead partner of a team of 30 with clients in Property & Construction, Retail/Ragtrade, Transport, Manufacturing and Franchising. He started his career in 1991 with one of the Big Four accounting firms and joined Fordham 10 years later to focus specifically on medium-sized, privately-owned businesses.
As a Chartered Tax Advisor with a wealth of experience in corporate advisory, as well as private businesses, Michael brings this unique perspective to help his clients’ businesses grow and overcome adversity. He helps clients across the broad range of business and personal issues they face including arranging external financing, modelling/forecasting, reporting, shareholder issues, structuring and valuations.
In this role Michael enjoys undertaking strategic planning for his clients and often participates as Board Chair. He runs executive leadership team meetings focused on driving accountability and meaningful improvements to operational performance. He is a regular presenter and author of industry articles for the building and property development sector, as well as Ragtrade industry segments. When not at work, he is chauffeuring four daughters to school, rep basketball and football.
Industry specialisation: Property & Construction, Retail, Manufacturing, Transport, Franchising
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Sharon Parker
Sharon Parker
BBus (Acc), CA Lead Partner
Phone
03 9611 6650
Email
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Sharon assists business owner clients across a broad range of industries, helping them to navigate their personal and business wealth journey and weigh up important decisions along the way. She has broad experience in taxation and business with particular expertise in complex tax advice and structuring, planning for succession and retirement and dealing with complex family and community issues.
In addition to working with business owners, Sharon is passionate about leading Fordham’s Indigenous Consulting Team, which is part of Perpetual’s broader service offering to Aboriginal communities. This team provides Executive Office and consulting services to communities across Australia.
Clients enjoy Sharon’s attentiveness, responsiveness, her ability to listen, and to provide targeted and practical advice. She is exceptionally talented at developing strong, long-term relationships, and is known for her ability to communicate complex issues in a way that is easy to understand.
Industry specialisation: Property & Construction, Retail, Native Title
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Neil Cahir
Neil Cahir
BCom/BEcon, CA Partner
Phone
03 9611 6717
Email
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Bio
Neil discovered Fordham at a university open day and was immediately drawn to our focus on people, private businesses and premium service. After a recommendation from a friend already working for us, Neil joined Fordham in 2005 as a graduate with our Motor Dealer Services team.
Since then, Neil has worked with a wide variety of clients and tackled a diverse range of issues – from simple family and business issues, to complex sales, acquisitions and everything in-between. In addition to having outstanding taxation and business-structuring capability, Neil also has a deep expertise in commercial advisory services and business optimisation, with a focus on privately-owned motor retailers. In addition to his clients in the motor industry, Neil uses his knowledge and experience to assist business owners across a range of industries.
He has a passion for guiding his clients through the Fordham Wealth Journey®, with a particular focus on the taxation, structuring, profit improvement and succession planning components that are so sought after by today’s business owners.
Happily, Neil’s instincts as a young university graduate were correct. He loves his role at Fordham, loves helping his clients, and it shows … for every client, every day.
Industry specialisation: Motor Dealer Services
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Brett Marshall
Brett Marshall
BCom/BArts, CA Partner
Phone
03 9611 6636
Email
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Bio
In Brett’s 15 years at Fordham, he has developed a very thorough understanding of the property & construction industry. During this time, he has advised a broad range of businesses from large land developers to residential and commercial builders, civil construction companies, and project management businesses. Brett also assists business owners and their families in the retail, publishing, manufacturing and finance industries.
For many of his clients, Brett acts as chair of both their operating and family boards. In these roles he plays a key part in facilitating discussion with business owners, their families, and senior management teams regarding business performance, profit improvement, optimal business structures, and business acquisition and sale opportunities.
Brett has a deep knowledge of the Australian tax system and in particular the specialist tax issues applicable to the property and construction industry. He is also a leader of Fordham’s internal taxation excellence group. In this role he is responsible for strategies to assess the impact and maximise opportunities available with respect to the following:
- Income Tax
- Capital Gains Tax
- Small Business Capital Gains Tax Concessions
- GST (including the margin scheme)
- Stamp duty
- Land tax.
Brett is a member of the Taxation Institute of Australia and Advanced Property Development accredited (PCA). He is also a member of the Taxation & Finance Committee for the Urban Development Institute of Victoria, which advocates for policy improvements to the industry.
Industry specialisation: Property & Construction, Manufacturing, Retail
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Stuart Le Cornu
Stuart Le Cornu
BCom (Hons), MTax, CA, CTA Partner
Phone
02 9229 9192
Email
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Bio
Having worked in tax and accounting since 1997, Stuart has a wealth of experience helping business owners achieve their financial, business and personal goals.
Stuart Le Cornu assists companies to meet their objectives with strategic planning, including financial and taxation planning. He particularly relishes the challenge of helping clients manage their complex lives. This includes interpreting the intricacies of international tax, foreign controlled entities, resident and non-resident trusts, and large public and private companies.
As one of our tax advisory specialists, Stuart is an expert in all taxation matters. His approach to tax planning includes a thorough review of existing structures, interrelationships between entities, location of assets, liabilities and IP, history, capital gains cost bases, loan accounts, previous tax strategies and future plans. He regularly presents at Tax Institute seminars in matters such as the taxation of trusts, Division 7A and small business Capital Gains Tax matters.
Industry specialisation: Manufacturing, Franchising
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Ian Ng
Ian Ng
BCom (Acc/Comm Law), MBA, CPA Associate Partner
Phone
02 9229 9852
Email
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Bio
Ian has over 20 years’ experience in tax and accounting administration and advice on Australian superannuation structures, specifically Small-APRA (SAF) and Self-Managed (SMSF) funds. He also specialises in risk and compliance consultancy on the impact of legislative and regulatory pronouncements on SAFs and SMSFs.
In addition, Ian has a wealth of experience in accounting and advice on Australian charitable structures, specifically Private Ancillary Funds, Public Ancillary Funds and Testamentary Charitable Trusts, as well as risk and compliance consultancy on the impact of AASB and ACNC pronouncements on these charitable structures.
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Frequently asked questions
No, the proposed Division 296 tax is not yet law. The Better Targeted Superannuation Concessions Bill 2023 lapsed on 21 July 2025 and will need to be re-introduced (incorporating the announced changes on 13 October 2025) back into Parliament for passage.
If you are likely to be impacted by the proposed Division 296 tax, then absolutely. At Perpetual, our financial advisers work closely with our colleagues in our Fordham Business Advisors team. Fordham Business Advisors is a specialist business providing clients with accounting, taxation and business advisory services. This ensures a coordinated approach that delivers the best outcome for your specific circumstances.
Individuals with a total superannuation balance over $3 million, across both accumulation and pension phases, may be affected.
Based on the Treasurer’s announcement on 13 October 2025 regarding the Division 296 tax changes, this tax no longer applies to unrealised capital gains, instead it will be taxing the proportion of realised earnings associated with individual’s total super balance over $3 million.
As the Division 296 tax no longer applies to unrealised capital gains, this is no longer relevant.
Only if you are able to reduce your total super balance to below $3 million by the assessment date. Otherwise, it may only reduce the tax marginally. This should be weighed against other tax and retirement implications.
Options may include asset restructuring, timing withdrawals or contributions, and managing asset growth across different entities. Seek coordinated advice from tax and financial professionals.
Yes, based on the announced changes both thresholds will be indexed to inflation.
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Perpetual Private advice and services are provided by Perpetual Trustee Company Limited (PTCo) ABN 42 000 001 007, AFSL 236643. This information was prepared and used by PTCo. It contains general information only and is not intended to provide you with financial advice or take into account your objectives, financial situation or needs. You should consider, with a financial adviser, whether the information is suitable for your circumstances. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. The information is believed to be accurate at the time of compilation and is provided in good faith.
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