From theconversation.com: The Albanese government plans to increase the concessional tax rate on superannuation account earnings in the accumulation phase from 15% to 30% for balances over A$3 million, affecting about 80,000 account holders. [Div 296 tax]

This proposal raises concerns about taxing unrealised capital gains on assets in super accounts, which could lead to financial strain for self-managed super funds (SMSFs) that may not have enough liquidity to meet tax liabilities.

The government’s intention behind the reform is to reduce budget pressure and address the regressive nature of current super tax concessions, which disproportionately benefit affluent households.