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Chalmers backs down on super indexing, puts in higher tax rate for accounts with $10m

  • On Monday, Treasurer Jim Chalmers announced a rework of stalled superannuation tax increases, with main changes from July 1, 2026 and LISTO updates starting July 1, 2027.
  • After heavy criticism that the original 2023 proposal taxed unrealised capital gains and locked the $3 million threshold, the crossbench and opposition pressured a rework over fairness and bracket creep.
  • Under the redesign, both the $3,000,000 and $10,000,000 thresholds will be indexed and taxes will apply only to realised gains, affecting about 80,000 Australians.
  • For low-income workers, the redesign cuts expected revenue from $2.5 billion to about $1.5 billion in 2028-29 while the LISTO payment increases to $810 for those earning up to $45,000, benefiting over one million Australians.
  • To get the bill through, Jim Chalmers, Treasurer, said he has spoken to Greens leaders and needs their support, adding `We have always had in our back pocket indexation, or an indexation like this, in order to get it through parliament.
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News broke the news in on Monday, October 13, 2025.
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