From www.dbalawyers.com.au: Australia’s Labor Government aims to implement a new tax on unrealised capital gains through the proposed Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill 2023, introducing Division 296 into the Income Tax Assessment Act 1997.

Starting from 1 July 2025, this tax will apply to superannuation balances exceeding $3 million, imposing an additional 15% tax on superannuation earnings attributable to the part of the balance above this threshold.

Concerns have been raised regarding the complexity of the tax, the lack of indexation for the $3 million threshold, and its potential negative impact on members with illiquid assets.