For Division 293 tax purposes, the individual’s income tax return is used to determine the income for Medicare surcharge purposes, which includes:

Taxable income (assessable income less deductions)

• Total reportable fringe benefits amounts

• Total reportable superannuation contributions

• Net financial investment loss

• Net rental property loss

• Amounts on which family trust distribution tax has been paid, and

• Less superannuation lump sum taxed elements with a zero tax rate (due to the low rate cap).

From 1 July 2017 the Div 293 threshold was reduced by $50K to $250K.

 

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