What you’ll owe under new super tax if your balance hits $3.5m

There are nine key takeouts on how it will work, plus how to plan ahead to minimise the impact.

Colin LewisContributor

Nov 9, 2023 – 5.00am

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Superannuation is the most tax-effective vehicle you can invest in. It stands head and shoulders above the next best tax structure, but this is about to change for the wealthy – the playing field will be levelled for those with high super balances.

The government last month released draft legislation on the proposal it announced in February to impose an extra 15 per cent tax on “earnings” on balances greater than $3 million from 2025-26.

Colin Lewis is head of strategic advice at Fitzpatricks Private Wealth.