From thenewdaily.com.au: Social media claims misrepresent the Albanese government’s proposal, suggesting all unrealised gains will be taxed, while it only targets superannuation balances over $3 million.

The reforms, which affect about 0.5% of super accounts, aim to levy an additional 15% tax on earnings above this threshold.

The government clarifies that over 99.5% of Australians will retain existing superannuation tax breaks, focusing the changes on excessively high balances rather than general unrealised gains.