Future earnings for super balances above $3m taxed at 30% from 2025-26
Aspen Corporate • 1 March 2023
The Government has announced that from 2025‑26, the 15% concessional tax rate applied to future earnings for superannuation balances above $3 million will increase to 30%.
The concessional tax rate on earnings from superannuation in the accumulation phase will remain at 15% up to $3m. From $3m onwards, the rate will increase to 30%. The amendment applies to future earnings; it is not retrospective.
80,000 people are expected to be impacted by the measure.
The announcement doesn't propose any changes to the transfer balance cap or the amount that a member can have in the tax-free retirement phase.
The Reserve Bank of Australia (RBA) delivered a 25 basis point rate cut, lowering the cash rate from 3.85% to 3.60%, the third reduction this year.
On 1 July 2025 the superannuation guarantee rate increased to 12% which is the final stage of a series of previously legislated increases.
The Governments intention is to ban non-compete clauses for low and middle-income employees and consult on the use of non-compete clauses for higher incomes.
The Productivity Commission (PC) has been tasked by the Australian Government to conduct an inquiry into creating a more dynamic and resilient economy.
The Australian Government has passed new legislation to reduce student loan debt by 20% and change the way that loan repayments are determined.
The Reserve Bank of Australia (RBA) held the cash rate steady at 3.85% in July.
