From smallcaps.com.au: Prime Minister Anthony Albanese’s election victory allows Labor to pursue legislation, including a proposed tax on superannuation earnings above $3 million, which aims to be implemented by the 2025/26 financial year.

The tax, applicable to unrealized gains, will levy a 15% Division 293 contribution tax on balances exceeding the threshold, but concerns arise over the lack of indexation of this cap.

The Association of Superannuation Funds of Australia supports the tax while advocating for protections for low-income earners and potential reforms to address tax equity issues.