Australia to tax superannuation earnings over $3M at 30%-40% starting July 2026.

Australia’s government has introduced legislation to increase taxes on large superannuation balances, with earnings above $3 million taxed at 30% for balances between $3 million and $10 million, and 40% for those exceeding $10 million. The changes, aimed at improving fairness and sustainability, take effect from 1 July 2026 and apply only to future earnings. Balances below $3 million remain taxed at 15% during accumulation and tax-free in retirement. The bill also expands support for low-income earners through the Low Income Superannuation Tax Offset. The legislation now faces potential opposition from the Greens, who hold the balance of power in the Senate.