For Division 293 tax purposes, the individual’s income tax return is used to determine the income for Medicare surcharge purposes, which includes:
• Taxable income (assessable income less deductions)
• Total reportable fringe benefits amounts
• Total reportable superannuation contributions
• Net financial investment loss
• Net rental property loss
• Amounts on which family trust distribution tax has been paid, and
• Less superannuation lump sum taxed elements with a zero tax rate (due to the low rate cap).
From 1 July 2017 the Div 293 threshold was reduced by $50K to $250K.
