The Albanese government, led by Labor, is pushing ahead with its controversial plan to tax unrealised capital gains on superannuation balances over $3 million, despite opposition from various stakeholders. The legislation, which has already passed the House of Representatives, aims to increase the tax rate on earnings in superannuation balances above $3 million from 15% to 30% starting July 2025.26 The tax would apply to unrealised gains, meaning some taxpayers could face a tax bill on appreciated asset values even if they haven't sold those assets.
$3M is still too much for me and most Australian, but how much more tax shall Australian pay for the deficits caused by Labor's policies?
