Overview

• The Greens have agreed to support the bill only if the threshold is lowered to $2m with annual indexation to curb bracket creep
• From July 1, superannuation earnings over $3m will be taxed at 30%, up from 15%, affecting roughly 80,000 high‐balance accounts
• Treasury projects the measure will generate $2.7bn in its first full year of operation
• Federal politicians and public servants in defined benefit schemes can defer payment until retirement under draft regulations
• Farmers and owners of self‐managed super funds warn that annual levies on unrealised gains will create cash flow challenges