Q: I am one of those 80,000 Australians with a super balance that will attract extra tax from July 2025. I was able to achieve that having worked all my life after migrating, as well as by paying top tax rates, contributing to my super and living a modest life. I felt there was nothing wrong in saving for myself as well as towards an inheritance to my children and grandchildren. Are there any strategies for self-funded almost-octogenarian retirees to escape further pain planned by the present government? Jay

A: The Labor government’s proposal to levy a 30 per cent tax on annual increases in total super balances (TSBs) where a member has more than $3 million of super savings should not prompt any hasty action by those who see themselves as likely to be affected.