This last sentence doesn't make sense and is not correct as written. Maybe you meant to write it differently?
Any amount over you cap of $1.6M is still taxed at 15%.. However it is not taxed again.
How you have worded the sentence you say any amount over the $1.6M is taxed AGAIN at 15%
The number of very high balances in Superannuation are quite low and with the introduction of contribution limits, it is a bit hard for the majority of people to achieve it.
There are over 200,000 people who have superannuation account balances in excess of $1 million
More than 210,000 people have more than $1 million in superannuation, the majority (140,000) of whom are self-managed superannuation fund (SMSF) account holders. The remainder (70,000) are in APRA-regulated funds. Around 140,000 persons have more than $1.5 million in super, 100,000 in excess of $2 million and about 70,000 in excess of $2.5 million.
