30% tax on super earnings on balances above $3 million
Aspen Corp • 7 November 2023
Treasury has released draft legislation for consultation to enact the Government’s plan to increase the tax rate on earnings on superannuation balances above $3m from 15% to 30% from 1 July 2025. This is the final step before the legislation is introduced into Parliament.
From a planning perspective, for those with superannuation balances close to or above $3m, it will be important to explore the implications of your personal situation – there is no one size fits all strategy and what is best for you will depend on how a potentially wide array of factors impact on your individual scenario.
In Wannberg v Commissioner of Taxation , the Administrative Review Tribunal (ART) upheld the ATO’s decision to deny nearly $100,000 in medical deductions.
But if your super is nudging that level, or if you’re clearly over, the Treasurer’s latest announcement could change how you think about super’s generous tax breaks.
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