STOP PRESS! Government releases draft legislation on $3m cap

October 2023

On 3 October 2023, the Government released draft legislation to impose tax on individuals with total superannuation balances of $3 million or more at 30%, rather than 15%.  Unfortunately, the way the tax is imposed is very unusual, and will result in such individuals paying tax on their super fund's unrealised capital gains (amongst other issues).

This proposal is already being discussed at our Super Schools 2023 seminars, but we are also urgently preparing a new online seminar ('Preparing clients for the $3 million super cap') to help members advise affected clients.  We will provide you with details of this new seminar very soon (and attendees of our Super Schools 2023 seminars will not need to pay any extra for this update).  We will also make a submission regarding our concerns to Treasury.