On 28 February 2023, the Federal Treasurer and Assistant Treasurer announced a proposal to impose an extra tax on superannuation benefits of more than $3 million from 1 July 2025. This new tax is in addition to any tax that superannuation funds pay on earnings in the accumulation phase. As a result, earnings linked to balances above $3 million will generally be subject to a combined headline rate of 30%.

We understand that this proposal can generate uncertainty and concern among those who may be impacted, and we want to make sure that you have access to the most accurate and comprehensive information available.

To achieve this, we have prepared a video that includes insights from the SuperConcepts technical experts, Philip La Greca and Anthony Cullen. In this video, they discuss the details of the proposal and its impact on the SMSF industry.

Should you wish to discuss the announcements and the possible implications in relation to your financial planning strategy, please free to contact our office on 03 9695 5600 or email finplanning@required.com.au.

Source: Superconcepts