Original article by Geoff Chambers, Patrick Commins
The Australian – Page: 1 & 4 : 1-Mar-23

The federal government has announced that it will increase the concessional tax rate for superannuation balances of more than $3m from 15 per cent to 30 per cent. The tax reform will be included in the May budget and legislated during the current term of parliament; however, it will not take effect until 1 July 2025, after the next federal election. Labor had ruled out changes to the super tax regime during the 2022 election, and shadow treasurer Angus Taylor has described the backdown as another broken election promise. The super changes are expected to hit about 80,000 individuals, and Prime Minister Anthony Albanese has emphasised that 99.5 per cent of Australians will not be affected.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET