From sladen.com.au: The proposed Division 296 tax, which would impose an additional 15% tax on superannuation balances exceeding $3 million, is expected to commence on July 1, 2025, despite calls for deferral.

Affected members and self-managed super funds (SMSFs) should consider their options before this date, including accurately valuing assets, withdrawing benefits, or maintaining their current positions based on personal circumstances.

Strategies such as early withdrawal or in-specie transfers can potentially mitigate tax implications, but members must weigh the benefits against the costs associated with these actions.