The government’s proposal to add extra taxes for those with more than $3 million in their super account has certainly drawn much attention. Regardless of your views on the policy, it’s worth thinking about whether there are steps to take to prepare for it. What should those likely to be affected be doing now?

First, don’t do anything too dramatic. The change is a proposal only – no legislation has been released (even in draft form). Even when that happens, it will have to make its way through another election (it’s not due to start until July 1, 2025) and the usual parliamentary process.