# Albanese's revamped Division 296 super tax takes effect 1 July 2026
> After dropping the contested unrealised-gains design, Labor lands an extra 15% over A$3m and 25% over A$10m, indexed

**Meta:** type: story · date: 2026-06-20 · heads: أموال من, كيف تتغيّر الحياة · 8 takes · 3 lenses · 1 regions

## Summary

[Anthony Albanese](/ar/entity/anthony-albanese) and Treasurer [Jim Chalmers](/ar/entity/jim-chalmers)'s revamped Division 296 superannuation tax
takes effect 1 July 2026. After Labor scrapped the contested taxing of unrealised gains and added
indexation plus a second threshold, the measure applies an extra 15% on earnings attributable to
super balances between A$3m and A$10m, and an extra 25% above A$10m, on a realised-earnings basis.
Chalmers introduced the imposition bill on 11 February 2026 and it has passed both houses; first
assessments cover FY2026–27, with first payments due from 1 July 2027. The redesign followed
sustained attack on the original unrealised-gains approach.

## By the numbers

- +15% — extra tax on earnings for balances A$3m–A$10m.
- +25% — extra tax on earnings above A$10m.
- 1 Jul 2026 — commencement; first payments from 1 Jul 2027.

## Why it matters

Superannuation is the core of Australian retirement savings, and taxing large balances is a
revenue and equity test for Labor's second term. Dropping the unrealised-gains design defused the
sharpest criticism but conceded ground; the precedent of taxing high balances will shape the
broader tax-reform debate.

## What to watch

- Implementation detail and any further carve-outs before assessments begin.
- Behavioural shifts by holders of large balances.
- Whether it opens a wider tax-reform agenda or further retreat.

## Regional takes (batched by bias / lens)

### unlabelled
- **Australian Taxation Office** (Australia, en) — Official ATO guidance on the 'better targeted superannuation concessions' (Division 296) — thresholds, rates and the realised-earnings basis after the bill passed both houses.
  Source: https://www.ato.gov.au/about-ato/new-legislation/in-detail/superannuation/better-targeted-superannuation-concessions
- **Accounting Times** (Australia, en) — 
  Source: https://www.accountingtimes.com.au/tax/div-296-officially-introduced-to-parliament
- **SuperGuide** (Australia, en) — 
  Source: https://www.superguide.com.au/super-booster/super-tax-accounts-3-million
- **William Buck** (Australia, en) — 
  Source: https://williambuck.com/news/in/general/revamped-division-296-tax-pushed-back-to-1-july-2026/
- **RSM Australia** (Australia, en) — 
  Source: https://www.rsm.global/australia/insights/division-296-everything-you-need-know-about-div-296-tax-superannuation
- **Moore Australia** (Australia, en) — 
  Source: https://www.moore-australia.com.au/news/division-296-superannuation-changes/

### explanatory / centre-left academic
- **The Conversation** (Australia, en) — Treats the dropping of the unrealised-gains tax and the addition of indexation and a second threshold as a political retreat by Chalmers under pressure, while explaining who is actually affected and how the new tiers work.
  > "Jim Chalmers unveils a major retreat on the controversial superannuation changes."
  Source: https://theconversation.com/jim-chalmers-unveils-major-retreat-on-controversial-superannuation-changes-267220

### free-market / critical
- **Centre for Independent Studies** (Australia, en) — Argues the tax penalises saving and sets a precedent for taxing balances rather than income, warning of distortions even after the unrealised-gains element was removed.
  > "How to vandalise savings: the new superannuation tax."
  Source: https://www.cis.org.au/publication/how-to-vandalise-savings-the-new-superannuation-tax/

## Across the graph
- Related: [[albanese-nature-positive-tranche-2]]
- Entities: Anthony Albanese, Australia, Jim Chalmers

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