The Albanese government last year dumped its controversial proposal to tax unrealised gains on superannuation balances above $3 million without indexation.
On Wednesday, Treasurer Jim Chalmers introduced legislation in the House of Representatives to amend Division 296 and impose additional taxes on superannuation balances over $3 million, with thresholds indexed to inflation.
If passed by the Senate, the tax rate on superannuation accounts with balances between $3 million and $10 million will double to 30% from 1 July 2026.