Superannuation balances above $3 million will be taxed at a higher rate as the Albanese government looks for opportunities to improve the budget bottom line.
The changes won't come in for another two years and will apply to about 80,000 people with super balances above $3 million in their accounts.
Starting from 2025/26 the concessional tax rate applied to future earnings for balances above $3 million will be 30 per cent.
