Overview

• Earnings on super balances between A$3m and A$10m will be taxed at 30%, with a new 40% rate above A$10m, and both thresholds will be indexed to inflation.
• The revised design removes taxation of unrealised gains, shifting the measure to apply only to realised earnings.
• Most measures start on 1 July 2026 after consultation, while the low‑income super tax offset rises to A$810 from 1 July 2027 with eligibility lifted to A$45,000.
• The government estimates roughly 90,000 balances will fall into the A$3m band and about 8,000 into the A$10m band.
• The overhaul reduces forecast revenue by about A$4.2bn over four years and is projected to raise around A$2bn in 2028–29 versus A$2.7bn under the original plan, with passage dependent on Senate negotiations after the Greens were briefed.