As part of the 2016 Budget changes, the government lowered the threshold for division 293 tax from $300,000 to $250,000, effective 1 July 2017.
Read more at the SMSF Adviser.
ATO to issue 90,000 division 293 assessments
With system upgrades to accommodate the reduced threshold for division 293 tax now complete, the ATO will start issuing assessments for taxpayers with additional tax on their concessional contributions.
