It now seems likely that a returned Labor government will dust off the Division 296 tax legislation (the extra tax on people with more than $3 million in super), which failed to make it all the way through the previous parliament. And it will probably do so with renewed vigour.

If we see it passed into law shortly, what will it mean for large super balances in future? Let’s assume it’s introduced from July 1 as planned (though this will require a lot of planets to align, so surely it will be deferred until at least July 1, 2026?).