What to do about the new $3m (and $10m) super tax

SMSF specialists explain who will be most affected by Labor’s rejigged super tax plan and what they can do to prepare for the changes.

Tax breaks will be less generous for people with large super balances. Bethany Rae

Michelle Bowes and Andrew Hobbs

Oct 17, 2025 – 5.15pm

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The announcement on Monday that the rules of superannuation would be rewritten once again set off a scramble to work out who would be affected – and how badly.

Treasurer Jim Chalmers described the do-over – which came after much prodding from many quarters, not least the prime minster’s office – as making the $4 trillion super system “fairer from top to bottom”.

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Michelle BowesWealth reporterMichelle Bowes writes about personal finance from our Sydney newsroom. She has been a business journalist for 25 years and is the author of Money Queens: Rule your Money, an award-winning personal finance book for teenage girls.

Andrew HobbsWealth reporterAndrew Hobbs covers self-managed superannuation funds (SMSFs), financial planning, retirement, inheritance, tax, personal finance and, sometimes, the Perth Bears. He has been a financial journalist for 30 years, previously at Bloomberg and AAP.