Updates from 28 November 2024:

The Better Targeted Superannuation Concessions Bill is not included in the 36 bills that Labor is attempting to pass through Parliament on the final sitting day of the year.

While it was expected that the government might include the bill in a guillotine motion, it has been confirmed that it is not part of that motion.

At present, the bill has been shelved, deemed too contentious and challenging to pass.

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Original post from 1 March 2023:

The concessional tax rate on superannuation earnings for balances over $3 million will double from 15 per cent to 30 per cent, coming into effect from 1 July 2025 – just after the next federal election.

The average Australian superannuation balance sits at $150,000, and approximately two-thirds of Australians have less than $100,000 in their accounts. The change will impact approximately 80,000 individuals (0.5% of the population) who have over $3 million in their superannuation funds, with Prime Minister Anthony Albanese stating “It’s hard to argue that those levels [are] about actual retirement incomes, which is what superannuation is for.”

Over a four year period, the increase seeks to bring approximately $2 billion in additional tax and is not set to be retrospective on earnings prior to July 1 2025.