What is Division 293 Tax ?
What is the ATO Division 293 tax? The Australian Taxation Office Division 293 tax was introduced from 1 July 2012 and applies where your combined income and Concessional Contributions is over a certain threshold. From 1 July 2017, the Division 293 tax threshold will be $250,000 per year. This is a reduction from $300,000 for the 2017 income tax year which will mean higher taxes for some people. What is ‘income’? Your income for Division 293 tax purposes# is your: • taxable in