On 28 February 2023, the Australian Government announced from 1 July 2025 a 30% concessional tax rate will be applied to future earnings for superannuation balances above $3 million. This measure is not yet law.
The Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023External Link and the Superannuation (Better Targeted Superannuation Concessions) Imposition Bill 2023External Link were introduced to Parliament on 30 November 2023, after a period of public consultationExternal Link. Both bills have now been referred to the Senate Economics Legislation Committee, with their report due on 19 April 2024.
More information
- Media release - The Hon Dr Jim ChalmersExternal Link
- Press conference transcript - Prime Minister, Anthony AlbaneseExternal Link
- Budget paper no.2: Budget.gov.auExternal Link
- Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023 – Parliament of Australia External Link
- Superannuation (Better Targeted Superannuation Concessions) Imposition Bill 2023 – Parliament of Australia External Link