Have you received a Division 293 notice? Division 293 is a relatively new tax law (started in the 2013 financial year). As you probably know your super fund pays tax at a reduced rate (currently 15% when you are still working and generally 0% when you retire). Basically the Government has decided that if you earn $250,000 or over then this is too generous so they will make a new tax applying an extra 15% tax to your super contributions.
Some of you may be old enough to remember the old Superannuation Surcharge – this Division 293 is fairly similar. The current threshold is as mentioned above $250,000, but the $250,000 is not the same as your taxable income though. For Div 293 the government takes your Surcharge Income (so they add back things like rental losses) and then also add your super contributions to calculate your division 293 Income.
If you need help with your Division 293 Tax notice do please get in touch with our Tax Specialists here or if you would like to have a bit more of a read you can see the relevant sections on the ATO Website here.