Labor’s proposed new tax on superannuation balances above $3 million is projected to affect 80,000 people and generate an additional $2 billion in revenue a year from mid-2025.

Based on Australian Tax Office statistics for self-managed superannuation funds, I estimate 50,000 to 60,000 people have a super balance of between $3 million and $4 million who are quite apprehensive of the new tax.