High Super Balances Attract Higher Tax Rates

In the Australian Federal Budget 2023–24, the government amended the superannuation system aimed at improving retirement outcomes for Australians. One of the major changes is the introduction of a higher tax rate for high super balances.

From July 1, 2025, if you have more than $3 million in your super fund, you’ll have to pay more taxes. The tax rate will be 30% of any earnings, which is 15% more than the current tax rate of 15%. 

However, the change only applies to higher super balances. So, if you have less than $3 million in your fund, you’ll keep paying the lower tax rate of 15%.

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