What Labor’s Election Win Means for Superannuation
The Albanese Labor Government’s decisive re-election has cleared the path for its planned superannuation changes to proceed.
From 1 July 2025, the tax rate on super balances exceeding $3 million is set to double, from 15% to 30%, under the proposed Division 296 legislation. A key point of contention remains the inclusion of unrealised capital gains in the calculation.
While the final passage of this legislation will depend on the Senate’s composition, Labor now claims a clear mandate to implement the changes.
Tax Cuts on the Horizon
In a move to provide broader tax relief, personal income tax cuts will also go ahead:
- From 1 July 2026, the lowest tax bracket will drop from 16% to 15%
- It will then reduce further to 14% from 1 July 2027
More Personalised Super Advice Ahead
Labor is also expected to advance its Delivering Better Financial Outcomes reforms, aimed at giving super funds the ability to provide more tailored personal advice to members on areas such as investment choice, insurance, and retirement planning.
Super for Housing Off the Table
With Labor’s return to government, the Coalition’s proposal to allow first-home buyers early access to super has been shelved at least for the next three years.
Call Intuitive Super in Toowoomba, Dalby or Chinchilla for specialised SMSF advice — 1300 856 064.
Source: SuperGuide, May 2025
