Ever since the government announced an extra 15 per cent tax would be introduced on earnings on superannuation balances above $3 million, we have had a steady stream of inquiries from clients.

Our response has mainly been to do nothing until legislation has been finalised and passed. However, the bill still hasn’t passed the Senate and, with the prospect of an election by May next year, it is now uncertain whether the new tax will be formalised before then.