Hi
Just hoping someone can help me determine if I will need to pay Division 293 Tax this year.
My gross income from all sources (employment, rent, interest and a capital gain on an investment property sale (at 50%) is $205,000
I will be making a concessional super contribution of $140,000 and claim a tax deduction on that. (I have about $147,000 in concessional cap space from this year and last 5 years).
Is my income for Div 293 calculations the gross $205,000 plus the $140,000 super contribution = $345,000 and therefore subject to 293 tax OR
Is my income for 293 calculations the taxable income of $60,000 (gross $205k less super tax deduction $140K) plus the super contribution added back in making it $205,000 and therefore not subject to 293 tax
I have read various articles but cannot get my head around whether the super contrib is added back to the "taxable income" or the gross income.
Thanks in advance to any respondents
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