Somebody with a $1 million investment property in their superannuation could have to pay an additional $778,760 in tax over 10 years under Labor’s plans to tax earnings on balances above $3 million at 30 per cent, according to analysis for AFR Weekend.

The potential tax hit from the proposed changes is alarming wealthy super savers and forcing some to make choices between low-yielding income or higher capital growth strategies, financial advisers say.