The Treasury has unveiled preliminary legislation for public consultation, outlining the government’s intention to raise the tax rate on superannuation earnings exceeding $3 million from 15% to 30%, starting July 1, 2025. This marks the final stage before the legislation undergoes formal introduction into Parliament.

From a strategic standpoint, individuals with superannuation balances near or exceeding $3 million should carefully assess the implications within their personal context. There is no universal approach, and the optimal strategy hinges on a diverse range of factors specific to everyone’s circumstances.