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Income tax

Opinion

Labor fixed its super tax, but one glaring problem still remains

Noel Whittaker Money columnist October 14, 2025 — 11.46am Advertisement

Two years ago, Treasurer Jim Chalmers unveiled what quickly became the most controversial proposal in the history of superannuation – a new tax on members whose balances exceeded $3 million.

The plan was for a 15 per cent tax to be levied on the increase in a member’s total super balance from July 1, 2025 to June 30, 2026, after adjusting for contributions and withdrawals.

Treasurer Jim Chalmers is hoping the new superannuation taxes will help bolster the budget. Credit: Alex Ellinghausen

The problem was that the calculation was to include unrealised gains – paper increases in the value of

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