Labor’s superannuation reforms get the balance right
Advertisement
The Albanese government last year dumped its controversial proposal to tax unrealised gains on superannuation balances above $3 million without indexation.
On Wednesday, Treasurer Jim Chalmers introduced legislation in the House of Representatives to amend Division 296 and impose additional taxes on superannuation balances over $3 million, with thresholds indexed to inflation.
If passed by the Senate, the tax rate on superannuation accounts with balances between $3 million and $10 million will double to 30% from 1 July 2026.
The full text of this article is available to MacroBusiness subscribers
Cancel at any time through our billing provider, Stripe
About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.