Morrows Private Wealth explains Division 296: Superannuation tax changes for balances over $3 million
The Division 296 superannuation tax has now passed both houses of Parliament and will apply from 1 July 2026, subject to Royal Assent.
This recorded webinar explains the key features of the Division 296 legislation and what it may mean for individuals, SMSF trustees, and high-net-worth investors with superannuation balances above $3 million.
While superannuation remains a tax-effective structure for retirement savings, these changes introduce an additional tax on earnings attributable to balances above $3 million.
This session is designed to explain the rules in practical terms and outline the potential implications for your financial structure.
This recorded session covers:
- How Division 296 works in practice
- Who will be impacted by the $3 million threshold
- How earnings are calculated under the new rules
- What this may mean for SMSF and investment structures
- Key planning considerations for high-balance superannuation holders
- Why Division 296 financial planning advice matters
Division 296 represents a structural change in how very high superannuation balances are taxed.
It is particularly relevant for:
- Individuals with superannuation balances approaching or exceeding $3 million
- SMSF trustees with concentrated investment portfolios or significant capital growth assets
- Business owners using superannuation as a long-term wealth strategy
- Family groups managing intergenerational wealth structures
Additional Resources
Speak with a Morrows adviser about Division 296
Morrows Private Wealth provides integrated advice across superannuation, taxation, investment strategy, and estate planning.
Our team includes specialists in:
- Superannuation and SMSF advisory
- High-net-worth financial planning
- Tax and structuring strategies
- Intergenerational wealth planning
We work with high-net-worth clients to understand how legislative changes such as Division 296 may apply to their specific circumstances and to model potential outcomes under different scenarios.
To understand how Division 296 may impact your superannuation or SMSF structure, please complete the form below to book a confidential discussion with a Morrows financial adviser.
Brendan Mainey
SMSF Specialist, Morrows
Brendan is a Chartered Accountant with over 15 years of experience in SMSF management and holds the CA SMSF Specialist Accreditation. A trusted advisor at Morrows, Brendan is known for his deep understanding of the regulatory landscape and commitment to helping clients navigate complex superannuation rules with clarity and confidence. His proactive approach to professional development ensures he delivers advice that is current, compliant, and aligned with clients’ long-term financial goals. He is known for helping clients navigate complex superannuation rules and legislative changes, including the introduction of Division 296. Brendan is passionate about educating and empowering clients to make confident, compliant financial decisions. His ability to distil technical issues into practical, strategic insights makes him a valued member of the Morrows One Team.
Laurel Moulynox
Accredited Financial Adviser
Laurel Moulynox is a Managing Director of Morrows and a licensed financial adviser with extensive experience advising individuals, family groups, and high-net-worth clients. She specialises in wealth management, intergenerational planning, and philanthropic and legacy strategies, with deep expertise across taxation, superannuation, financial and estate planning, investment advice, and portfolio construction. Laurel has significant experience working with complex financial structures and is well placed to advise individuals and families on the potential impact of Division 296 superannuation tax changes, tailored to their personal circumstances and long-term objectives. Her approach focuses on turning complex legislation into clear, practical strategies that support confident, informed financial decision-making.