Overview
- The Australian government plans to implement a 30% tax on superannuation earnings above $3 million starting July 1, 2025, pending Senate approval.
- The tax targets approximately 80,000 Australians and is projected to generate $2.7 billion for the Commonwealth, according to Treasury estimates.
- Critics, including Liberal Senator Andrew Bragg, have raised concerns about fairness, claiming without evidence that Prime Minister Anthony Albanese could receive special exemptions.
- Teal independent Monique Ryan and others have warned the tax could disproportionately affect younger generations in the future if it is not indexed to inflation.
- Exemptions to the tax will apply to earnings in superannuation funds that the constitution prevents from being taxed, but broader concerns about transparency persist.