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 were referred to the Senate Economics Legislation Committee, with the resulting reportExternal Link tabled on 10 May 2024.
The Better targeted superannuation concessions draft regulations, containing provisions to support the introduction of the bills, has undergone a period of public consultationExternal Link.
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
- Senate Economics LegislationExternal Link Committee report - Parliament of Australia
- Better targeted superannuation concessions: draft regulationsExternal Link