Treasurer Jim Chalmers announced a revision to the federal government's superannuation tax increases following criticism of the initial plan. The revised proposal introduces a new tax threshold of $10 million, where a 40 percent tax rate will apply, in addition to the existing $3 million threshold that triggers a doubled tax rate.

To address concerns about bracket creep, both thresholds will now be indexed to inflation. This change aims to prevent more individuals from being affected by the tax increases over time. Additionally, the revised plan will exclude unrealized capital gains from the tax, which had been a significant point of contention.

Chalmers stated, "We have always had in our back pocket indexation, or an indexation like this, in order to get it through parliament." He emphasized the government's willingness to adjust the bill to ensure its passage through parliament.

The plan also includes an increase in the tax offset for low-income earners, raising it from $310 to $810. This offset will be available to workers earning up to $45,000, potentially providing an average of $15,000 more at retirement for those individuals.

Chalmers noted that the revised tax plan is expected to generate slightly less revenue than the original proposal. The new measures are set to take effect in July of next year.