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30% tax on super earnings above $3 million

As part of the Federal budget, the Government re-proposed the planned additional tax of 15% on earnings to apply to individuals with a total superannuation balance over $3 million at the end of a financial year from 1 July 2025. The definition of Total Superannuation Balance (TSB) for the new tax, includes the current definition PLUS amounts in retirement phase pensions.

The calculation for the tax aims to capture growth in TSB over the financial year allowing for contributions (including insurance proceeds) and withdrawals. This method captures both realised and unrealised gains, enabling negative earnings to be carried forward and offset against future years.

Interests in defined benefit schemes will be appropriately valued and will have earnings taxed under this measure in a similar way to other interests.

Individuals will have the choice to pay the tax personally, or from their superannuation fund and those with multiple accounts can nominate which fund will pay the tax.

The measure is currently in the planning stage, and further information about the legislation has not been released.

For further information on how the proposed changes may affect you, please speak with your BBB Adviser.

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