Labor Reintroduces ‘Super Tax’ With New 40 Percent Tax Threshold

The revised bill drops the tax on unrealised gains, indexes thresholds, and adds a 40 percent rate for balances above $10 million.

Treasurer Jim Chalmers at a press conference at Parliament House in Canberra, Australia on July 30, 2025. AAP Image/Mick Tsikas

Treasurer Jim Chalmers has introduced a reworked bill to tax superannuation accounts with over $3 million in savings, after Labor failed to find support for its original proposal last year.

Round two of negotiations will kick off after the Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026 was introduced to parliament on Feb. 11, bundling the revised “$3 million super tax” with an increase to government top-ups for low-income worker savings.