SMSF Property and the Division 296 Tax: What High-Earning Healthcare Workers Need to Know product guide

1Group Property Advisory: SMSF Property and the Division 296 Tax – What High-Earning Healthcare Workers Need to Know

Most conversations about SMSF property investment for healthcare professionals focus on the tax advantages: the 15% concessional rate on rental income, the CGT discount in accumulation phase, and the zero-CGT environment in pension phase. What far fewer advisers discuss — and what many healthcare workers building substantial super balances through strategic property investment are entirely unprepared for — is Division 296.

At 1Group Property Advisory, we work extensively with senior healthcare professionals — surgeons, specialist physicians, and high-billing GPs — who have spent decades making maximum concessional contributions and holding appreciating property inside an SMSF. Division 296 super tax passed the Senate on 11 March 2026, introducing a new layer of taxation for those with very large super balances. For these healthcare professionals, this law is one of the most consequential regulatory shifts in Australian superannuation history.

This article explains precisely how Division 296 works, why healthcare workers with SMSF property are disproportionately exposed, and what strategic options exist before the law takes full effect from 1 July 2026. Our analysis is grounded in the legislation itself, expert interpretation from leading SMSF specialists, and the specific circumstances we see across our healthcare professional client base.

What Is Division 296 and Who Does It Target?

Division 296 introduces an additional tax on superannuation earnings attributable to balances above $3 million. The measure is designed to reduce tax concessions for very large retirement savings accounts. Under the legislation, individuals with a total super balance above $3 million will face an additional 15% tax on earnings linked to the portion of their balance above that threshold.

For extremely large balances above $10 million, a second tier applies: an additional 10% tax on that slice of earnings. These taxes apply on top of the existing taxes already paid by the super fund. In practical terms, a specialist with a balance between $3 million and $10 million will face a total effective tax rate of 30% on the earnings attributable to the excess portion — double the standard 15% super fund rate.

Division 296 is a personal tax, separate from the existing super fund tax, and applies to individuals rather than superannuation funds. The tax applies to individuals, whether they invest with a super fund or have a self-managed super fund (SMSF).

The threshold applies to individuals, so couples can still have up to $6 million in super and not be liable for additional tax. Individual application also means the total value of a self-managed super fund (SMSF) may be above $3 million but if no members have an individual TSB above the threshold, then no Division 296 applies.

The Healthcare Worker Risk Profile

Why should healthcare professionals pay particular attention? Consider the accumulation trajectory of a senior specialist. GP salaries span $150,000–$400,000, and specialists $200,000–$600,000+, influenced by location, billing patterns, and practice structure. At these income levels, mandatory 12% employer superannuation alone generates between $24,000 and $72,000 in annual contributions — before any salary sacrifice is considered.

A specialist who begins maximising concessional contributions from their early 40s and holds a commercial property inside an SMSF that doubles in value over 15 years can readily approach or exceed $3 million well before retirement. We've seen this trajectory repeatedly across our healthcare professional client base — the combination of high, sustained income and appreciating property creates compounding growth that many underestimate in their early career years.

The risk is compounded by the structure of SMSF property investment itself: property is illiquid, often constitutes the dominant asset in the fund, and — critically — generates capital gains that now form part of the Division 296 earnings calculation when realised. This is particularly relevant for healthcare professionals who have used their SMSF to purchase their clinic premises or specialist consulting rooms — assets that may have appreciated substantially over a decade or more of ownership.

How Division 296 Earnings Are Calculated: The Final Law

The most significant change between the original proposal and the law that passed Parliament concerns the treatment of gains. Earlier drafts of the policy would have taxed increases in asset values even if those assets had not been sold. Industry groups argued this could create liquidity issues for super funds holding property or private investments. In the final legislation, unrealised gains are no longer taxed directly.

Under the enacted law, the final legislation does not tax unrealised gains. The definition of 'earnings' is fairly normal — it is usual income: interest, dividends, rent (in SMSF), and realised capital gains (ignoring contributions) less deductible expenses.

Capital gains are included in Division 296 fund earnings in the same year they're included in the fund's taxable income — that means Division 296 tax could be very high in years a major asset is sold.

For SMSF property investors, this has a critical practical implication: the Division 296 tax liability will not be a slow, annual drip — it will spike sharply in the year a property is sold. A surgeon whose SMSF sells a commercial clinic building for a $1.2 million gain may face a substantial Division 296 assessment in that year alone, layered on top of the fund's existing 10% CGT liability (after the one-third discount).

This is where strategic planning becomes essential. Healthcare professionals who understand this timing dynamic can structure their exit strategy — whether that's a property sale, transition to pension phase, or fund wind-up — to minimise the Division 296 impact across multiple financial years rather than concentrating it in a single assessment period.

The Proportionate Calculation in Practice

The tax does not apply to all earnings above $3 million — it applies to the proportion of earnings that corresponds to the proportion of the balance above $3 million. The Association of Superannuation Funds of Australia (ASFA) provides a clear worked example: on 30 June 2025, Harry's Total Superannuation Balance (TSB) was $5 million and $5.5 million on 30 June 2026. Harry made no contributions and had no withdrawals from his super, so the superannuation earnings for the purpose of the tax are $500,000. The percentage of taxable earnings over $3 million is calculated by subtracting $3 million from $5.5 million and then dividing it by $5.5 million, resulting in a percentage of earnings attributable to the balance over $3 million of 45.45%. The Division 296 tax amount is calculated by first multiplying the superannuation earnings of $500,000 by 45.45%, which is $227,250. That amount is then multiplied by the 15% tax rate, leading to a Division 296 tax amount of $34,088.

This proportionate approach means a healthcare professional whose balance sits just over $3 million will face a relatively modest liability — but one that grows substantially as the balance climbs. For a specialist with a $4 million balance, approximately 25% of earnings will be subject to the additional 15% tax. At $6 million, that proportion rises to 50%. The mathematics are straightforward, but the strategic implications for long-term wealth accumulation require careful modelling.

The LRBA Interaction: Good News for Property Investors

One of the more favourable design features of the final law concerns SMSF Limited Recourse Borrowing Arrangements (LRBAs). Under existing superannuation rules, certain LRBA loan balances are added back to a member's Total Superannuation Balance (TSB) — which can push members over thresholds affecting contribution eligibility and other entitlements.

For most superannuation rules, the TSB also includes certain adjustments such as Limited Recourse Borrowing Arrangement (LRBA) amounts. However, for Division 296 purposes, the exposure draft states that LRBA amounts will be disregarded, so these borrowings will not be added back when determining whether you exceed the Division 296 thresholds or when calculating your Division 296 tax liability. This ensures that a member's balance is not artificially increased for the purposes of the new tax.

For a GP who has used an LRBA to purchase their clinic premises and still carries a $600,000 outstanding loan balance, this is meaningful: that $600,000 does not inflate their TSB for Division 296 threshold assessment purposes, even though it does for other superannuation rules. This creates a genuine planning advantage for healthcare professionals who have strategically used borrowing within their SMSF structure.

(See our guide on SMSF Limited Recourse Borrowing Arrangements Explained for Healthcare Workers for a full analysis of LRBA mechanics and how they integrate with your broader property investment strategy.)

The Critical CGT Relief for SMSFs: An Opt-In Decision With a Deadline

The law includes transitional CGT relief specifically designed for SMSFs holding assets — including property — that have accumulated large unrealised gains before the regime commences. This is arguably the most important planning opportunity available to healthcare professionals with SMSF property holdings, and it comes with a firm deadline that cannot be extended.

For SMSFs, the relief is provided via a special adjustment to the cost base of all the assets it owns at 30 June 2026 (essentially they're set at the market value at 30 June 2026 rather than their original purchase price). For example, an SMSF taking advantage of this relief might own a property it purchased in 2015 for $1 million. At 30 June 2026, it's worth $2 million. It's sold in 2028 for $2.5 million.

For Division 296 tax, however, the amount included in earnings would be much smaller. The starting point would be a reduced capital gain ($2.5 million less an adjusted cost base of $2 million, being the value of the property at 30 June 2026). After the one-third discount, this is only $0.33 million. In other words, only $0.33 million would be included in the Division 296 fund earnings rather than $1 million.

This relief is enormously valuable for healthcare professionals who purchased SMSF property a decade or more ago and are sitting on large embedded gains. We regularly work with specialists who acquired their clinic premises in the early 2010s for $800,000 to $1.2 million — properties now worth $2 million or more. For these clients, the CGT cost base reset can eliminate hundreds of thousands of dollars in future Division 296 liability.

But there is an important catch:

The relief isn't automatic — SMSFs have to specifically opt in via an approved form before their 2026/27 annual return is due. It's also an 'all or nothing' decision — funds can't opt in to the relief for just some assets, they have to opt in for all assets or none at all. This means SMSFs with some assets in a loss position at 30 June 2026 will need to carefully consider whether the relief is worthwhile before making the decision.

Any SMSF can opt in — even one with no members who have more than $3 million in super at 30 June 2026. It might still be attractive if any of the members expect to be over $3 million in the future and the fund has already accrued large gains.

For a healthcare professional in their 50s with a growing SMSF balance and a property purchased ten years ago, opting in before the deadline is likely to be one of the most financially consequential decisions they make before retirement. This is not a decision to defer or delegate without proper analysis — it requires detailed modelling of your specific fund position, asset values, and projected trajectory.

The Transfer Balance Cap Interaction

A common misconception among high-income earners is that moving super into pension phase eliminates Division 296 exposure. This is only partially correct, and understanding the nuance is essential for healthcare professionals planning their retirement transition.

The transfer balance cap is $2,000,000 at 1 July 2025 and is indexed with CPI inflation over time. A healthcare professional who has a $3.5 million SMSF balance can transfer $2 million into pension phase (where fund earnings on that portion attract zero tax), but the remaining $1.5 million stays in accumulation phase and continues to generate taxable earnings.

Critically, individuals with a total superannuation balance over $3 million, across both accumulation and pension phases, may be affected by Division 296. The pension phase balance counts toward the TSB threshold — it does not disappear from the calculation. A specialist with $2 million in pension phase and $1.5 million in accumulation phase has a TSB of $3.5 million and is within scope of Division 296 on any earnings attributable to the $500,000 above the threshold.

This interaction between the transfer balance cap and the Division 296 threshold is a planning pressure point that many generalist advisers miss entirely. For healthcare professionals, it means that even in retirement, strategic fund management remains essential. You cannot simply set and forget once you commence a pension — ongoing monitoring and potentially staged withdrawals may be required to manage Division 296 exposure.

(See our guide on Transitioning Your SMSF Property to Pension Phase: A Healthcare Worker's Exit Strategy for detailed pension-phase planning specific to property holdings.)

How the Assessment Timing Works: The "Higher of" Rule

The way the taxable proportion of a super balance is calculated will change depending on the year, which has important planning implications for healthcare professionals considering major fund decisions in the next 24 months.

In the first year of the regime, the proportion of a member's balance above the $3 million threshold is determined solely using their total super balance at 30 June 2027.

In normal years the tax will apply to the greater of your total super balance at either 1 July or at 30 June. This "higher of" rule, which applies from the 2027–28 financial year onwards, closes a potential planning loophole. When working out the proportion of super over a threshold, the new draft bases this on the greater of the member's super balance at the start and end of the year. Previously it only depended on the balance at the end of the year. This is a big issue for those hoping to realise gains in a particular year and then withdraw a lot of their super before the end of the year to avoid Division 296 tax.

For a healthcare professional holding SMSF property, this means that selling a property during the year — which generates a large realised gain — and then withdrawing funds to reduce the closing balance below $3 million will not work after the transitional year. The opening balance (1 July) is also assessed.

This timing mechanism has significant implications for exit planning. If you're a specialist approaching preservation age and considering selling your SMSF-held clinic premises, the sequencing of that sale, any fund withdrawals, and the transition to pension phase now requires multi-year strategic planning rather than single-year tactical decisions.

Members should closely monitor their total super balance leading up to 30 June 2027, as this date will play a critical role in determining the initial exposure to Division 296. For healthcare professionals whose balance is currently sitting between $2.5 million and $3 million, the next 18 months of contribution decisions and investment returns will determine whether Division 296 applies from day one or can be deferred for several years.

How Division 296 Tax Is Paid: Liquidity Is the Critical Issue

Division 296 tax is imposed on the individual and not the SMSF, but the tax can be paid from a member's balance in their SMSF.

Individuals subject to Division 296 tax will be able to choose to pay it using funds outside superannuation or request the funds be released from their superannuation account. The individual will have 60 days to request a release of the amount from their fund (if they choose to) and 84 days to pay the tax.

For SMSF property investors, this creates a structural liquidity challenge that many healthcare professionals have not yet considered. If the fund's primary asset is a commercial clinic building or residential investment property, there may be insufficient liquid assets (cash, term deposits, shares) to fund a Division 296 liability without selling the property. This is particularly acute in years when a major property is sold and the capital gain triggers a large one-time assessment.

Consider a practical example from our healthcare professional client base: a specialist surgeon whose SMSF holds a medical consulting suite worth $1.8 million (purchased for $900,000 in 2014) and $200,000 in cash and Australian shares. If the property is sold in 2028 for $2 million, the fund realises a $1.1 million capital gain. After the one-third CGT discount, $733,000 is included in the fund's taxable income. The fund pays 10% CGT ($73,300), but if the member's TSB is $4 million, approximately 50% of that gain is also subject to Division 296 tax — an additional liability of around $55,000.

If the fund has already distributed most of the sale proceeds to the member (perhaps to fund retirement living expenses), where does the $55,000 Division 296 payment come from? The member must either pay from personal funds or request a release from the remaining super balance — but if liquidity is tight, this can force suboptimal investment decisions or unplanned asset sales.

The practical implication: healthcare professionals approaching the $3 million threshold should actively model their liquidity position to ensure they can meet a Division 296 assessment without a forced property sale or disruption to their retirement income strategy.

(See our guide on SMSF Property Risks Healthcare Workers Must Manage for a full liquidity risk framework and stress-testing methodology.)

Strategic Responses for High-Earning Healthcare Professionals

The regulatory landscape has shifted, but strategic options remain. Healthcare professionals who engage with Division 296 planning now — before the 30 June 2026 valuation date and the 2026–27 opt-in deadline — will have substantially more flexibility than those who delay until after the regime commences.

Based on our work with senior specialists, surgeons, and high-billing GPs across Australia, we've identified six core strategic responses that warrant detailed analysis for any healthcare professional approaching or exceeding the $3 million threshold.

Comparison table: key Division 296 planning strategies

1. Opt into the CGT cost base reset — before the deadline

This is the single highest-priority action for any healthcare professional whose SMSF holds property purchased before 2026. SMSFs may be able to exclude capital gains accrued on assets before 1 July 2026 when calculating Division 296 earnings, provided the fund opts in to a special transitional relief. This relief is not automatic. SMSFs must opt in using an approved form on or before the due date of the fund's 2026–27 tax return. Funds that do not opt in by this deadline will not be able to access the relief.

The "all or nothing" nature of this election means trustees need to carefully weigh whether any assets in the fund have unrealised losses that would be locked in by the election. Engage your SMSF accountant and adviser before lodging the 2026–27 return.

For healthcare professionals, this typically means a detailed review in late 2026 or early 2027 — well before the return lodgement deadline. You need accurate valuations (see Strategy 2 below), a clear projection of when Division 296 will apply to your fund, and an analysis of whether any fund assets are in a loss position that would make the opt-in disadvantageous.

This is not a decision to make in isolation. It requires coordination between your SMSF accountant, financial adviser, and property specialist to ensure the election aligns with your broader retirement and wealth strategy.

2. Obtain accurate property valuations at 30 June 2026

If you are a member of a self-managed superannuation fund (SMSF) or a small APRA fund (SAF) and your fund holds unlisted assets, such as real property, please ensure that accurate valuations for these unlisted assets are obtained for the 2026 financial year. The 30 June 2026 valuation becomes the new Division 296 cost base if the opt-in election is made. An under-valued property at this date locks in a higher future Division 296 liability when the property is eventually sold.

For healthcare professionals holding commercial medical properties or residential investment properties in their SMSF, this means engaging a qualified, independent valuer well before 30 June 2026 — not scrambling for a valuation in July or August when the financial year has already closed.

We recommend healthcare professionals instruct valuations in May 2026 to allow time for any queries or adjustments before the valuation date. The valuation should be conducted by a certified practising valuer (CPV) with specific experience in the relevant property type — medical consulting suites, for example, have unique valuation considerations that a residential valuer may not fully capture.

The cost of a professional valuation (typically $800 to $2,500 depending on property type and location) is trivial compared to the potential Division 296 tax savings over a decade or more. This is data-driven due diligence that pays for itself many times over.

3. Model your TSB trajectory now

Self-managed super fund (SMSF) trustees may also consider whether to elect into the available cost base reset for fund assets, review the level of liquidity held within the fund, and evaluate the long-term structure of investments inside super.

For a specialist surgeon in their late 40s with a $2.2 million SMSF balance including a $1.4 million commercial property, the path to $3 million is a matter of years — not decades. Modelling the trajectory under realistic property growth assumptions (say, 5–7% per annum) and contribution rates is essential to determine when Division 296 exposure begins and how large the annual liability is likely to be.

This modelling should incorporate:

• Projected annual contributions (employer, salary sacrifice, and any catch-up contributions)
• Expected investment returns on both property and other fund assets
• Potential capital gains events (e.g., planned property sales or fund restructuring)
• Pension-phase transition timing and the impact of the transfer balance cap
• Spousal super balances and whether contribution splitting strategies are viable

For healthcare professionals, this is not a set and forget exercise. Your income and contribution capacity may change significantly as you transition from full-time clinical work to part-time, locum, or consulting roles in your late 50s and early 60s. The model needs to be revisited annually and adjusted as your circumstances evolve.

At 1Group Property Advisory, we work with SMSF specialists and financial planners who can build these projections specific to your circumstances — integrating property market data, superannuation legislation, and your individual career trajectory to give you a clear view of your Division 296 exposure over the next 10 to 15 years.

4. Consider spousal contribution splitting

The threshold applies to individuals, so couples can still have up to $6 million in super and not be liable for additional tax. For a specialist couple where one member is approaching $3 million and the other has a significantly lower balance, spousal contribution splitting — directing concessional contributions to the lower-balance member — can defer or reduce Division 296 exposure.

This strategy requires careful coordination with the concessional contribution cap ($30,000 per person in 2025–26) and the non-concessional contribution rules. It also requires both members to be active participants in the SMSF or to have separate accumulation accounts if one is in an APRA fund.

For healthcare professional couples, this strategy is particularly relevant where one partner has taken career breaks for family reasons or works part-time, resulting in a significantly lower super balance. By redirecting contributions to the lower-balance spouse, the couple can defer Division 296 exposure for several years while still maximising total household superannuation accumulation.

The mechanics vary depending on fund structure, but the core principle is straightforward: use the individual threshold to your advantage by balancing contributions across both members rather than concentrating them in the higher-earning spouse's account.

(See our guide on SMSF Property Tax Benefits for Australian Healthcare Workers for contribution strategy context and worked examples.)

5. Build and maintain strategic liquidity

Healthcare professionals whose SMSF is dominated by illiquid property must build sufficient liquid reserves to meet Division 296 assessments — particularly in years when a property is sold and a large capital gain is realised.

This doesn't mean holding excessive cash that generates minimal returns. It means maintaining a deliberate allocation to liquid assets — Australian shares, ETFs, term deposits, or high-interest savings accounts — sufficient to fund a plausible Division 296 liability without forced asset sales.

A practical target: healthcare professionals with SMSF property holdings and a TSB approaching $3 million should aim to hold 10–15% of the fund balance in liquid assets. For a $3.5 million fund, that's $350,000 to $525,000 in cash and securities — enough to fund several years of Division 296 assessments and provide buffer for unexpected expenses or market downturns.

This liquidity buffer also provides strategic flexibility. If a favourable property acquisition opportunity emerges, or if you need to access super earlier than planned because of health or family circumstances, you have options without being forced to sell the primary property asset at an inopportune time.

6. Plan property sales around the "higher of" rule

From the 2027–28 financial year, the higher of your opening and closing TSB will be used when determining whether Division 296 applies. This means withdrawing later in the year generally won't prevent the tax from applying if your 1 July balance was already above the threshold.

Healthcare professionals planning to sell SMSF property should model whether the sale year's realised gain, combined with their TSB, creates a disproportionate Division 296 liability — and whether timing the sale to coincide with a year of lower overall fund earnings reduces the effective tax.

For example, if you're planning to sell your SMSF-held clinic premises in the next three to five years, consider whether:

• Selling in 2027–28 (before the "higher of" rule fully beds down) provides any timing advantage
• Deferring the sale until after you've commenced a pension and drawn down the accumulation balance reduces the proportionate Division 296 exposure
• Staging the sale across multiple financial years (if the property can be subdivided or sold in parcels) spreads the capital gain and reduces the single-year spike in Division 296 liability

This level of strategic planning requires detailed modelling and coordination with your SMSF adviser, accountant, and property specialist. It's not a decision to make in isolation or based on generic advice — your specific fund structure, TSB trajectory, and retirement timeline all influence the optimal approach.

Key Takeaways for Healthcare Professionals

• Division 296 passed the Senate on 11 March 2026 and applies from 1 July 2026, with first ATO assessments issued after 30 June 2027. The new rules apply from 1 July 2026, although the Australian Taxation Office will not issue first assessments until after 30 June 2027. For healthcare professionals with growing SMSF balances, this is not a distant concern — it's an immediate planning priority.

• The final law does not tax unrealised gains. Capital gains are included in Division 296 fund earnings in the same year they're included in the fund's taxable income — meaning Division 296 tax could be very high in years a major asset is sold. Unlike the government's original proposal, however, there is no tax on unrealised capital gains. This is a significant concession that reduces liquidity pressure, but it concentrates the tax liability in sale years — requiring careful exit planning.

• The CGT cost base reset is the most urgent planning action. This relief is not automatic. SMSFs must opt in using an approved form on or before the due date of the fund's 2026–27 tax return. Funds that do not opt in by this deadline will not be able to access the relief. For healthcare professionals with SMSF property purchased more than five years ago, this election could save tens or hundreds of thousands of dollars in future Division 296 tax. It is not a decision to defer.

• LRBA balances are excluded from the Division 296 TSB calculation, providing some relief for healthcare professionals who have used borrowing to purchase clinic premises or investment property through their SMSF. For Division 296 purposes, the exposure draft states that LRBA amounts will be disregarded, so these borrowings will not be added back when determining whether you exceed the Division 296 thresholds. This is a genuine structural advantage for healthcare professionals who have used strategic borrowing within their SMSF.

• Pension phase does not eliminate exposure. Individuals with a total superannuation balance over $3 million, across both accumulation and pension phases, may be affected. The transfer balance cap ($2 million in 2025–26) limits how much can be sheltered in zero-tax pension phase. Healthcare professionals cannot simply retire away from Division 296 — it requires ongoing active management even after ceasing clinical work.

• Liquidity planning is non-negotiable. Healthcare professionals whose SMSF is dominated by illiquid property must build sufficient liquid reserves to meet Division 296 assessments — particularly in years when a property is sold and a large capital gain is realised. This is not optional or discretionary — it's a structural requirement of holding property in a Division 296-exposed SMSF.

Conclusion: Strategic Planning in a Changed Landscape

Division 296 is not a distant regulatory risk for healthcare professionals — it is an imminent structural reality for any specialist, surgeon, or senior GP whose SMSF is on track to exceed $3 million. The combination of high income, decades of compulsory and voluntary contributions, and appreciating SMSF property creates a compounding trajectory that many healthcare professionals are underestimating.

The critical window is now. The 30 June 2026 valuation date and the opt-in deadline for the CGT cost base reset will pass quickly, and the decisions made before that date will determine the Division 296 liability for every future property sale. Healthcare professionals who engage a qualified SMSF adviser and tax specialist before that deadline will be substantially better positioned than those who wait.

At 1Group Property Advisory, we understand that healthcare professionals require sophisticated, conflict-free advice on SMSF property strategy, particularly in light of evolving tax legislation. Our role is to provide data-driven research and independent guidance that integrates property market analysis, SMSF compliance, and your specific career and retirement timeline.

For context on the full lifecycle of SMSF property investment — from initial fund setup through to pension-phase exit planning — see our pillar guide: SMSF Property Investment for Australian Healthcare Workers: The Complete Guide. For the specific compliance and documentation framework that underpins a compliant SMSF property strategy, see SMSF Investment Strategy Requirements: How Healthcare Workers Must Document Property Decisions.

Division 296 is complex, but it is navigable with the right expertise and timely action. The healthcare professionals who will manage this regime most effectively are those who treat it as a strategic planning opportunity — not a compliance burden to be addressed at the last minute.

References

• Australian Government Treasury. Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill 2025 — Exposure Draft and Explanatory Materials. Commonwealth of Australia, December 2025. https://treasury.gov.au

• Australian Government Treasury. Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill 2023 — Explanatory Memorandum. Commonwealth of Australia, 2023. https://treasury.gov.au/sites/default/files/2023-09/c2023-443986-em.pdf

• Association of Superannuation Funds of Australia (ASFA). "Understanding the Division 296 Super Tax." ASFA, 2025. https://www.superannuation.asn.au/understanding-the-division-296-super-tax/

• DBA Lawyers. "Division 296: Revised $3M+ Super Tax." DBA Lawyers, February 2026. https://www.dbalawyers.com.au/announcements/division-296-revised-3m-super-tax/

• Heffron Consulting. "Division 296 Tax: Draft Legislation Released and Key Changes." Heffron, January 2026. https://www.heffron.com.au/news/division-296-tax-draft-legislation-released

• Heffron Consulting. "Division 296 Tax Explained: Updates, FAQs & Resources." Heffron, March 2026. https://landing.heffron.com.au/division-296-news-and-resources

• Martin & Co. "Division 296 Superannuation Tax Becomes Law." Martin & Co, March 2026. https://martinco.com.au/division-296-super-tax-becomes-law-what-high-balance-super-members-need-to-know/

• The Tax Institute. "Division 296: An Exercise in Poor Design and Dangerous Precedent." The Tax Institute, 2025. https://www.taxinstitute.com.au/insights/articles/2025/div-296-poor-design

• SMSF Association. "Technically Speaking: Unpacking Division 296 Tax." SMSF Association, December 2023. https://www.smsfassociation.com/wp-content/uploads/2023/12/Technically-Speaking-86-Unpacking-the-3-Million-Super-Tax-1.pdf

• Accurium. "The Division 296: A Gamechanger for SMSFs." Accurium, 2025. https://www.accurium.com.au/wp-content/uploads/2025/07/Division-296-Playbook_FNL.pdf

• Australian Government MoneySmart. "Superannuation Calculator — Transfer Balance Cap." ASIC MoneySmart, 2025. https://moneysmart.gov.au/how-super-works/superannuation-calculator

• Ord Minnett. "Division 296 Tax: How Superannuation Changes Affect You." Ord Minnett, 2025. https://www.ords.com.au/services/superannuation/division-296-tax