$3M Super Tax: Reignited

05 May 2025

With the federal Election being a resounding win for the Australian Labour Party, including their ability to pass legislation through the Senate with their alliance with the Greens, this legislation is likely to be back on the table. 

Until Parliament officially sits, and this legislation is then read again, we wait to see if any changes from the original drafts are made, including the effective start date.  The original start date was 1 July 2025, which is mere months away, and with no systems up and running for any funds or the ATO, then this may be pushed out to 1 July 2026. 

Once the legislation is passed by both Houses of Parliament and the content of it is then known, we will be in touch for any action items prior to 30 June 2025 (or beyond). 

Please refer to our previous newsletter here for information regarding the content of the draft legislation as passed through the House in October 2024 (although will now need to be reintroduced due to the Election).

If you have any questions, please feel free to contact your superannuation team.

This newsletter is current as of 05 May 2025, however, please note that announcements and changes are being made by the Government and the ATO regularly, and we expect that the tax and business-related responses will continue to evolve.  Before acting upon the content of this newsletter, please contact us to discuss how the above applies to your specific circumstances.

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