I have now had the chance to read up on how the S296 superannuation tax will work and various advices on it; 1) Don't do anything now until the legislation passes the senate, it could change. 2) No need to do anything until June 2026. 3) Simplest thing is to then withdraw super account balances over $3,000,000 4) Give the excess the the children or grandchildrens' super accounts or invest in a more expensive house.
I don't think the government will get much out of this new tax. Did they think people wouldn't re-order their affairs?
