Division 296 tax bills back on the agenda

This issue of our Super Update delivers a detailed analysis of the latest regulatory developments affecting the superannuation industry. In this edition, we explore further details on the Division 296 tax as the bills advance through parliament, and we evaluate the findings from APRA’s and ASIC’s most recent retirement pulse check. Here is what you need to know:

Superannuation updates

Division 296 tax progress

As the government’s proposed Division 296 tax on earnings on super balances over $3 million has begun its progress through parliament we examine the bills and the anticipated treatment of defined benefit members in the upcoming regulations.

Retirement income pulse check insights

Following a 2025 survey, APRA and ASIC have released further insights on the implementation of the retirement income covenant by trustees. We analyse these results and the regulators’ evolving expectations.

Super News in Brief

Our news in brief section includes:

• The finalised best practice principles for retirement income solutions and the proposed Retirement Reporting Framework
• Updates to several ASIC regulatory guides
• Further changes announced in response to the Shield and First Guardian failures
• Exemptions from the new merger reform notification requirements for successor fund transfers and other member transfers
• The latest APRA statistical publications.

Legislative update

As always, we include our comprehensive legislative update and a practical guide to key superannuation changes and their effective dates.

Download our full update, prepared by our specialists, to gain the clarity needed to help your members navigate their retirement journey with confidence.