New 15% super tax to apply from 1 July 2025

April 14, 2023 | Robyn Bull

The Government recently announced it will be imposing a 15% additional tax on individuals that have more than $3 million in superannuation.  The new measure is expected to commence from 1 July 2025 (i.e., the start of the 2026 income year).

The main takeaways from the information provided thus far include the following:

In current terms, the Government expects that the new tax will apply to 0.5% of people with money in superannuation (around 80,000 people).  However, the proposal does not currently allow for indexation of the $3 million threshold, so more individuals may be impacted in the future.

Editor: The Government will consult on the implementation of this proposed measure, so expect to hear much more about it before 2025!

 

 

 

 

 

 

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