Introduction

The government is reducing the tax concessions available to individuals whose total superannuation balance exceed $3 million. Individuals with balances over this threshold would be subject to an additional tax of 15% on the earnings of any balance that exceeds the $3 million threshold. By 2025-26 it's expected to apply to less than 80,000 people meaning that more than 99.5% of individuals with a superannuation account will continue to be unaffected by the change.