Big changes are on the horizon for Australians with large super balances. The federal government has unveiled draft legislation for a new tax targeting high-value superannuation accounts, and while it only affects a small portion of people, it\u2019s already stirring up plenty of debate.<\/p>\n\n\n\n
From July 1, 2026, Australians with super balances over $3 million will face a higher tax rate on their earnings \u2014 jumping from 15% to 30%. For those with balances above $10 million, the rate will climb even higher, to 40%. The changes are expected to impact around 90,000 people, according to Treasury estimates. While that\u2019s less than 1% of all superannuation account holders, the government says the reform is about fairness and sustainability.<\/p>\n\n\n\n
Treasurer Jim Chalmers said the goal is to ensure that super tax concessions remain targeted toward helping everyday Australians, rather than disproportionately benefiting the wealthiest few. \u201cThe amendments maintain the concessional treatment of superannuation and makes superannuation tax concessions more targeted for those with large balances,<\/em>\u201d he explained when releasing the draft, reports Yahoo Finance<\/a>.<\/p>\n\n\n\n