Albanese government lifts tax rate on superannuation balances over $3m

The changes, which will not come into effect until 2025/26, will apply to around 80,000 people

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The Albanese government will tax superannuation balances above $3m at a higher rate as it looks for opportunities to claw back revenue.

Currently, earnings from superannuation in the accumulation phase are taxed at a concessional rate of up to 15% and this will continue for those with balances below $3m.