$3m super tax will level playing field: Australia InstituteBY KARREN VERGARA | TUESDAY, 21 JAN 2025 12:30PMLaws that will double the tax on earnings of superannuation balances over $3 million, which were shelved in late 2024, will make the system fairer particularly as many are doing it tough, The Australia Institute says. Related News |
Editor's Choice
Apex Group head of super to depart
Apex Group managing director for superannuation will leave his post in September, joining its technology partner in a C-suite capacity.
Morningstar predicts platforms to pull Centuria Bass Credit Fund
Amid a ratings downgrade and possible governance issues concerning the Centuria Bass Credit Fund (CBCF), Morningstar predicts the property debt fund will be pulled from major investment platforms and unlikely receive new inflows.
ETF Shares cuts fees on US technology ETF
ETF Shares has reduced the management fee on its ETFS US Technology ETF (ASX:WWWW) positioning the fund as one of the lowest-cost options for Australian investors seeking exposure to leading US technology companies through the ASX.
AustralianSuper appoints co-heads of Australian equities
AustralianSuper has appointed Andrew Smith and Luke Smith as co-heads of Australian equities, effective immediately.
Videos
Brought to you by ![]()
Further Reading
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
Hugh Killen
MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER
AUSTRALIAN AGRICULTURAL COMPANY LIMITED
AUSTRALIAN AGRICULTURAL COMPANY LIMITED
For Hugh Killen, several life lessons came from spending time on pastoral properties stretching across northern New South Wales and South-West Queensland.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
With respect, the changing of the goal posts with regards to super discourages people from using it as their retirement savings.
Those with large balances did so under the rules at the time. And when they die, a tax of up to 15% of that death benefit may be taxed when it passes to the next generation.
Adjustments to the system were made in 2017, which makes it unlikely that superannuants will have large balances in the future.
So the changes have been made to address these "concerns", however the respective think tanks and policy makers and commentators just need to wait for the members to die.
Div 296 will be the catalyst for members to transfer their wealth to the next generation, thereby either reducing or eliminating the death tax being paid in the future.