Albanese government lifts tax rate on superannuation balances over $3m

The changes, which will not come into effect until 2025-26, will apply to around 80,000 people

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The Albanese government will cut tax concessions on super accounts with more than $3m, promising to legislate this term for a change to take effect in 2025.

From 1 July that year, superannuation on balances above $3m will be taxed at a rate of 30%, up from the current concessional rate of 15%.

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