At the time of recording, the details of the proposal are still not known in full. However, enough was revealed at the time of the government’s original March 1 announcement and in subsequent elaboration, that we are able to sketch an outline of the new tax.
The proposal is that beginning with fiscal year 2025-26, every individual’s total superannuation balance aggregated across as many super fund interests as they may have will be tested against a $3 million threshold.
If the government perseveres with this, the proposal needs substantial modification to remove its more draconian features.
Read our research here: https://www.cis.org.au/publication/superannuation-tax-why-the-total-balance-threshold-should-be-shelved/
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