Tax increase for super balances over $3 million | Money magazine

Tax Increase For Super Balances Over $3 Million | Money Magazine

1 week from now

Mar 1, 2023  · 1. Taxes are going up for superannuation balances above $3 million from July 1, 2025. The extra 15% tax on investment earnings impacts 80,000 Australians or 0.5% of savers with large, multimillion-dollar superannuation balances. It takes the concessional tax rate for …

moneymag.com.au

This Is How You’ll Be Taxed If Your Super Balance Is Over $3m

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May 12, 2023  · During 2025-26, Ray took $100,000 in pension payments and made a $20,000 concessional contribution and $300,000 non-concessional contribution. Ray’s earnings will be …

afr.com

Superannuation: A New Tax On Super Balances Above $3 Million Is …

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Oct 22, 2024  · While a government plan to increase tax on super balances above $3 million is anxiety inducing, yanking money out too soon could be a costly mistake. Meg Heffron …

afr.com

Superannuation Tax On Balances Over $3m Will Be Avoided By …

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Dec 4, 2023  · The tax will impose an additional 15 per cent on the growth of super balances exceeding $3 million. It’s a prorated tax, meaning it applies proportionally to the amount …

afr.com

The New 15% Tax On $3M+ Member Total Super Balances From 1 …

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Apr 26, 2023  · The proportion is equal to the proportion of the TSB over $3 million. For example, Sarah’s TSB on 30 June 2026 is $6 million. The proportion of her TSB more than $3 million is …

dbalawyers.com.au

Better Targeted Superannuation Concessions - Australian Taxation …

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Aug 13, 2024  · From 1 July 2025 tax concessions will be reduced for certain earnings for superannuation balances above $3 million. On 28 February 2023, the Australian Government …

ato.gov.au

Superannuation Update: Proposed $3 Million Superannuation Cap …

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From 1 July 2025, the Government has proposed an ‘additional’ tax of 15% on earnings on an individual's superannuation benefits over $3 million at the end of a financial year. This …

pwc.com.au

Superannuation Tax Changes – What You Need To Know | CHOICE

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Need to know. The government recently announced changes to how earnings on super balances over $3 million will be taxed. These changes are slated to apply from 1 July 2025. Assuming …

choice.com.au

Tax Rate Increased For Aussies With Super Balances Above $3 …

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Feb 28, 2023  · Prime Minister Anthony Albanese said from July 1 2025, Australians who have a superannuation balance over $3 million will be taxed at a concessional rate of 30 per cent, up …

9news.com.au

How The 30% Super Tax Will Hit Balances Over $3 Million

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Oct 4, 2023  · His proportion of earnings corresponding to funds above $3 million is ($6 million - $3 million) ÷ $3 million = 50%. The earnings loss attributable to the excess balance is $300,000. …

morningstar.com.au

What A Cap On Superannuation Tax Concessions Means For You

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Feb 28, 2023  · And a week later, the government has unveiled an overhaul of super changes that will increase tax on superannuation contributions for those with balances over $3 million from …

thenewdaily.com.au

Government Releases $3m Super Tax Reform Draft Legislation

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Oct 3, 2023  · Superannuation. The Federal Government has released exposure draft legislation towards doubling the concessional tax rate for super balances exceeding $3 million. It is …

moneymanagement.com.au

New Super Tax: What You’ll Owe If Your Balance Hits $3.5m

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Oct 11, 2023  · The percentage of Bob’s TSB exceeding $3 million (which will be the percentage of earnings that are taxable) is 14.29 per cent ( ($3,500,000 – $3,000,000) / $3,500,000). So …

afr.com

Tax Hike On Super Balances Above $3 Million: Is It Time To

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Apr 3, 2023  · A quick look at the proposed changes. Commencing 1 July 2025, the tax rate levied on super fund earnings for members with balances above $3 million will double from 15% to …

superguide.com.au

Super Workarounds: What To Do With $3m-plus Balances - Financial …

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Mar 3, 2023 – 5.00am. When Treasurer Jim Chalmers announced ambitious plans to tax earnings on superannuation balances over $3 million at 30 per cent – double the current rate – from …

afr.com

Super Tax Breaks To Be Reduced For Accounts With More Than $3 …

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Oct 10, 2023  · This will continue for the 99.5% of Australians with less than $3 million in super. In February 2023, Labor announced that from 1 July 2025 the concessional tax rate applied to …

superguide.com.au

Super Tax: Wealthy Couples Facing Average Tax Bill Of $100,000

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Sep 18, 2024 – 5.00am. Wealthy self-managed superanuation fund members will face an average tax bill of $49,925 under the government’s plan to increase the tax on earnings of balances …

afr.com

Superannuation Tax Changes: Government Looks To Tax Unrealised …

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Oct 21, 2024  · The Financial Services Council is estimating about 500,000 super balances would eventually breach the $3 million cap, including 204,000 Australians under the age of 30.

afr.com