Divison 293 income
The income component of the Division 293 tax calculation is based on the same income calculation used to determine if an individual needs to pay the Medicare levy surcharge (MLS), disregarding any reportable superannuation contributions reported on the tax return.
The components of this income calculation are:
taxable income (assessable income minus allowable deductions)
total reportable fringe benefits amounts
net financial investment loss
net rental property loss
net amount on which family trust distribution tax has been paid
super lump sum taxed elements with a zero tax rate
assessable first home super saver released amount.
These amounts are added up (except the super lump sum and assessable first home super saver released amount, which is subtracted) to give the income amount.
Printing Division 293 Tax on the Estimate
HandiTax gives you the ability to print Division 293 Tax on the tax estimate.
In the Tax Return Outline window, click on Tax Estimate.
In the Tax Estimate window, insert "Y" in the Print ? field under the Division 293 Tax section.
Division 293 Tax
Reduces the tax concession on superannuation contributions for individuals with income greater than $300,000 a year.
Adjusted ATI
Calculated from the data entered into the Tax Return.
Low-tax contributions
Division 293 tax uses contribution information reported on member contribution statements (MCS) and the self-managed super fund (SMSF) annual return. This information needs to be entered manually.
For more information on Divison 293, please refer to the ATO websites: