Superannuation Tax Rates for Large Super Balances

The Labor government has announced a change to tax concessions within super. This takes the form of a 30% tax on earnings made in super for Members with a Total Super Balance above $3 Million – up from 15%.

This introduces an additional tier in earnings tax similar to the one introduced previously for contributions tax, whereby high income earners (>$250,000) would be taxed at a rate of 30%.