Doubling the tax on the earnings of big superannuation balances will generate the additional revenue in 2027-2028.
flagged in February and confirmed in Tuesday’s budget,
“This rate remains lower than the top marginal tax rate of 45 per cent,” the budget papers said. “Earnings relating to assets below the $3 million threshold will continue to be taxed at 15 per cent, or zero per cent if held in a retirement pension account.” Treasurer Jim Chalmers said this was a “modest but meaningful revenue measure”, with just 80,000 people subjected to the increase in 2025-26.
The $2.3 billion figure is based on the current number of super accounts with big balances, which may change if investors shift money out of the super system or hold back on investing in it to avoid hitting the $3 million cap.
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