The treasurer has finally succumbed to overwhelming pressure and changed his approach to Division 296 as per this announcement . Essentially the following changes have been made to the proposed legislation : The implementation date has been delayed by a year to 1 July 2026 There will be two caps, $3m and $10m   The tax rate applied to earnings on balances between $3 million and $10 million will be 30 per cent. The tax rate applied to earnings on balances over $10 million will be 40 per cent....