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 $3 million cap is per member, not the combined superannuation balance for two or more members.
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.
Only 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.
It is important to note that this is a proposal only and won’t be effective until 1 July 2025 and legislated.
We will be monitoring this as it progresses to advise the clients who have a self-managed superannuation fund and may be impacted by this change.
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