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The numbers tell a striking story about who is joining. Australian Taxation Office data shows those aged under 50 account for nearly 70% of new self-managed funds, while people aged 25 to 44 make up about 40% of all new accounts.

The tax commences from 1 July 2026, applying from the 2026–27 income year. The first Division 296 assessment applies at 30 June 2027. In other words, the initial measurement period is the coming financial year, with assessments following after it closes.

The pace of new fund creation has barely flinched. ATO figures show the number of SMSFs rose by 47,000 over the year ended 30 June 2026, lifting the sector to roughly 680,000 funds and 1.24 million members.

Before 65, accessing super generally depends on meeting a condition of release tied to preservation age (now 60) and work status — permanently retiring, or ceasing an employment arrangement after 60. At65, those conditions no longer apply. Reaching 65 is itself a full condition …

The “2025–26” that attaches to this measure refers to theoriginally proposed start date, not the law. When the concessional-tax change was first put forward, the plan was to begin from 1 July 2025, tax the movement in a member’s total super balance includingunrealisedgains, and …

Division 296 imposes anextra 15%tax on the earnings attributable to the portion of a person’stotal super balancethat exceeds$3 million. It sits on top of the tax the fund already pays.

At the heart of the system is yourtransfer balance account, a notional record the ATO keeps to measure how much of your personal cap you have used. Two types of entries move the balance: