Matthews Steer Partner Damian James recently presented at a NORTH Link event on Understanding the Commonwealth Government’s Proposed Superannuation Changes. The session focused on Division 296 and its potential impact on super balances, taxation, estate planning, and wealth management.
Overview of Division 296 Reforms
The proposed reforms introduce new tax thresholds for high-balance superannuation accounts:
- 30% tax on super balances over $3 million
- 40% tax on super balances over $10 million
Damian emphasises that Division 296 is currently an announcement, not legislation, and that individuals and business owners should avoid reactive decisions until the rules are confirmed.
Impact on Estate Planning and Wealth Management
Attendees gained insight into how the proposed superannuation changes could affect estate planning, succession strategies, and overall wealth management. Damian highlighted the importance of considering superannuation as part of a broader financial and succession plan, rather than in isolation.
The session concluded with a robust discussion on practical implications for both individuals and businesses, reinforcing the need for trusted professional guidance during periods of legislative uncertainty. Damian’s key message: plan strategically, don’t panic.
Looking for Guidance You Can Trust?
Contact Matthews Steer for an obligation-free consultation with one of our Wealth Advisors. We can help you understand the potential impact of superannuation changes and develop strategies tailored to your situation.
Published November 2025