Labor Reintroduces Super Tax With New 40 Percent Tax Threshold

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