Final shape of superannuation changes still to come
NEXT STEPS IN SUPERANNUATION REFORMS
* Public consultation is planned on the proposed lifting of the tax on super balances over $3 million from 15 per cent to 30 per cent.
* Treasury will also consult on the treatment for defined benefit schemes, which the government wants included in the change.
* The federal budget in May will include the new super policy.
* Legislation will be drafted and introduced to parliament.
* But the legislation won't come into effect until after the federal election due in May 2025, with the Liberal-National coalition vowing to scrap the plan if elected.
* The change is earmarked to start in July 2025, which is also when the superannuation guarantee will go to 12 per cent.