The government is seeking to introduce changes to the way super in accumulation phase are taxed over the threshold of $3 million, which will only affect an estimated 0.5% of the people or around 80,000 individuals. It is proposed that from the 2025-26 income year, the concessional tax rate applied to future earnings for those with super account balances above $3 million will be 30%, instead of the current 15%. According to the Treasurer, the government will seek to introduce enabling legislation to implement this change as soon as practicable.
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