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Division 293 tax is being introduced from the 2012-13 year to reduce the tax concession on superannuation contributions for individuals with income greater than $300,000 a year.
Division 293 tax will be charged at 15% of an individual’s taxable concessional contributions above the $300,000 threshold (which were capped for 2012-13 at $25,000). For individuals who are members of a defined benefit fund, Division 293 tax may be calculated on notional contributions which are not capped.
Duration 01:42. A transcript of What is Division 293 tax? is also available.
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