If I have income of 210,000 and contribute 80,000 concessional contributions using carried forward entitlements do I pay div 293 tax on 40,000 (290000-250000) or on the full 80,000?
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I know you deduct super contributions to get your taxable income,
Then you add them back to calculate Div 293.
That is why 2 options given - you did not make it clear whether 210 K was before or after your 80 K super deduction.
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If the 210 K income is before the super deduction, and there are no other contributions, then no Div 293 tax.
If the 210 K income is after the super deduction, and there are no other contributions, then Div 293 tax charged on 40 K.
Thanks Bruce but I am confused. I understood that Div 293 was payable if your income (disregarding any reportable super contributions) plus your super contributions exceeded $250,000. I know you deduct super contributions to get your taxable income, however I thought you didn’t in relation to calculating Div 293 tax. Your thoughts? Thanks
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