Superannuation Holdings Over $3 Million Won't Get Tax Breaks

The government has locked itself into a proposal to cut off the tax concessions on superannuation holdings over $3 million. It is not retrospective and only applies to future earnings beyond July 2025. The savings that are made from the reduction in these tax breaks will contribute $900 million to the bottom line over the forward estimates. This is an important reform. But Australians who are having to make tough decisions around the kitchen table expect their government to be prepared to make tough decision at Cabinet table. Labor built the superannuation system and were thought to keep it strong, but this change could be seen as something of a super spreader event to other concessions.