US EditionI Have Good News and Bad About Your Superannuation
- The Federal Government drafted legislation in 2025 proposing a superannuation tax increase on balances over $3 million, including tax on unrealised gains.
- This proposal follows pressure from the Greens who want the threshold lowered to $2 million, and it will affect about 0.5% of super accounts initially.
- Several retired MPs like Pedro and Patricia, aged 55, started receiving defined benefit pensions in May 2025 with super balances exceeding $5.9 million and $6 million respectively.
- Pedro faces a Division 296 tax of about $25,425 on $335,110 earnings whereas Patricia pays $36,281, around 45% more, due to gender-based valuation factors.
- If enacted, the new tax would expand to many more super members over time, implying higher administrative costs and sparking debate about fairness to future retirees.
18 Articles
18 Articles
ThePatriotLight - Greens ‘Absolutely Ready’ to Negotiate With Labor on New Super Tax
ThePatriotLight - The Labor government is pushing to double the tax rate on retirements funds with over $3 million.The Greens have expressed readiness to cooperate with the Albanese government on its proposed changes to superannuation.Greens treasury spokesman Nick McKim said the party was “absolutely ready” to engage with Treasurer Jim Chalmers on legislation that would double the tax rate on super balances with $3 million from 15 to 30 per cen…
Greens ‘Absolutely Ready’ to Negotiate With Labor on New Super Tax
The Greens have expressed readiness to cooperate with the Albanese government on its proposed changes to superannuation. Greens treasury spokesman Nick McKim said the party was “absolutely ready” to engage with Treasurer Jim Chalmers on legislation that would double the tax rate on super balances with $3 million from 15 to 30 per cent. “We are absolutely ready to work with the treasurer and with Labor to try and move the superannuation system a …
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