The transfer balance cap goes to $2m as of 1st July. My understanding is that in pension phase you will be tax free for the $2m, 15% tax on earnings from the next $1m and then 30% on earnings above the $3m.
Then they will apply 15% tax to any paper profits, let’s assume this gets through and they date it from 1st July 2025. If you have a $4m valuation at that record date then $4.2m valuation at 30 June 2026 you will pay additional 15% on the $200k paper profit.
