Opinion

A big new tax on super is coming but don’t do anything rash – yet

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 HeffronContributor

Oct 24, 2024 – 5.00am

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Plenty of superannuation savers, commentators and politicians have been anxiously watching the progress of legislation to introduce the federal government’s big new tax on those with more than $3 million in super.

It’s getting scarily close to the intended commencement date, July 1, 2025, but the bill has yet to make it through parliament. It is due to be debated in mid-November but what happens is anyone’s guess.

Meg Heffron is managing director at SMSF specialist firm Heffron.