Original article by Hannah Wootton
The Australian Financial Review – Page: B10 : 10-May-23

The budget papers have confirmed that the tax rate on the earnings of superannuation funds with balances of more than $3m will increase to 30 per cent from mid-2025, and that the cap will not be indexed to inflation. The tax change is forecast to generate revenue of $2.3bn in 2027-28, its first full year of receipts collection. This is based on the number of superannuation accounts that are currently above the cap, although this may change if people shift money out of super in order to avoid the cap. Meanwhile, the federal government will press ahead with plans to require employers to pay their staff’s super entitlements at the same as their wages, rather than allowing them to do so each quarter.

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