Overview

• Earnings on super balances between A$3 million and A$10 million will be taxed at 30%, with a new 40% rate above A$10 million, and both thresholds will be indexed to inflation, affecting roughly 90,000 and 8,000 accounts respectively.
• The revised plan removes taxation of unrealised gains so the higher rates apply only to realised earnings.
• The start date is delayed to 1 July 2026 to allow consultation and implementation, with legislation to be introduced to parliament.
• The low‑income superannuation tax offset will rise to A$810 and the income threshold to A$45,000 from 2027, which the government says will benefit about 1.3 million people.
• The government estimates the changes and delay will reduce revenue by about A$4.2 billion over four years as it briefs the Greens and other crossbenchers to secure passage.