The Federal Government has released exposure draft legislation towards doubling the concessional tax rate for super balances exceeding $3 million.

It is consulting on the Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill 2023 (the Bill) and the Superannuation (Better Targeted Superannuation Concessions) Imposition Bill 2023 that would lift the tax rate from 15 per cent to 30 per cent for those with multi-million super balances.

The revised rate, which would apply from July 2025, was announced in February this year.

The rate would not be retrospective, applying only to future earnings, and was expected to impact 0.5 per cent of superannuation accounts, or roughly 80,000 Australians.

The consultation will close on 18 October 2023.

We’ll keep you posted.

Rick Maggi