The Treasurer has recently confirmed Labor will double tax rates paid by those with over $3 million in superannuation.
Individuals with superannuation balances surpassing $3 million will see their tax rate double to 30 per cent from 2025-26,
The government is set to introduce enabling legislation to implement this adjustment “as soon as practicable”. Further consultation is expected to be undertaken with the superannuation industry and other relevant stakeholders to settle the implementation of the measure.
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If you wish to know more about this announcement or believe it may affect you, please phone us at 4Front to discuss and look at some strategies that will assist.
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