Overview
- The government’s legislation removes the earlier plan to tax unrealised gains after warnings from farmers and tax experts about illiquid assets.
- Balances of $3 million to $10 million would face a 30% tax and amounts above $10 million would face 40%, with thresholds indexed to limit bracket creep.
- Higher‑balance changes are scheduled to begin on July 1, contingent on parliamentary passage.
- The package lifts the low‑income superannuation tax offset threshold to $45,000 and raises the maximum payment to $810 from mid‑2027.
- The Coalition opposes the bill as a money‑grab, and the Greens have not committed support and plan to press for tougher measures when the Senate resumes on March 2.