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Legislation introduced for tax on earnings for higher super balances

Article published on: 30-11-2023 (updated 08-12-2023)

The Government has introduced a Bill into Parliament in relation to the announced proposal to cap tax concessions on certain high balance super accounts from 1 July 2025.

The Bill has been referred to the Senate Economics Legislation Committee for further discussion. There will be no further progress of this Bill through Parliament until after the Committee report due date, which is 19 April 2024. The additional tax liability will be referred to as Division 296 tax and will change the taxation of super earnings for individuals with a balance above $3 million.

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