Changes proposed to Division 296 tax

Our November 2025 Super Update delivers a detailed analysis of the latest regulatory developments affecting the superannuation industry. This edition examines the government’s changes to its proposed Division 296 tax and analyses APRA’s letter to platform trustees setting out its expectations on investment governance. Here is what you need to know:

Superannuation Updates

Division 296 tax: Understanding the latest changes

The government has announced changes to its proposed Division 296 tax on earnings on balances exceeding $3 million. In this Super Update we examine the announcement, including a deferral of the start date.

APRA’s investment governance expectations for platform trustees

Following a thematic review, APRA has issued a letter highlighting examples of poor practices and outlining its expectations for trustees operating superannuation platforms. We analyse the letter and APRA’s expectations.

Superannuation News in Brief

Our news in brief section provides updates on key developments, including:

• The parliamentary passage of the Payday Super legislation
• An update from APRA regarding its proposed governance changes
• An APRA paper discussing challenges faced by some trustees in delivering member outcomes into the future
• Draft legislation to ban the use of genetic testing results in life insurance underwriting
• ASIC’s feedback following its review of super fund financial reports
• The 2025 performance test results and the latest APRA statistical publications.

Legislative Update

And, as always, we include a legislative update and a guide to the key superannuation changes and their effective dates.

To gain more insights and remain fully informed, we invite you to download the comprehensive update prepared by our specialists. This resource can help you support your members through their retirement journey with confidence.