CPA Australia has expressed its support for the recent modifications proposed by Treasurer Jim Chalmers to the A$3m ($2m) superannuation tax.  

The Australian Government has decided to revisit the structure and rollout of the superannuation concessions adjustment initially disclosed on 28 February 2023.  

This revised plan seeks to moderate tax breaks for those with super balances exceeding A$3m, effective from 1 July 2026. 

The government has committed to engaging in dialogue with parties involved in the superannuation sector to refine the proposed measure. 

CPA Australia’s Superannuation lead Richard Webb noted that the alterations are a direct result of persistent advocacy by industry bodies. 

Webb also raised a critical point regarding the non-indexation of the A$3m threshold, which could have widened the scope of affected individuals over time.  

The organisation has expressed contentment with the government’s decision to forgo the idea of taxing unrealised capital gains within the superannuation reform package.  

Moreover, Webb lauded the enhancement of the low-income superannuation tax offset (LISTO), which will see an increase to A$810 from the previous A$500, and a rise in the income threshold to A$45,000 from A$37,000.  

These adjustments are expected to provide a more equitable landscape for retirement savings, particularly benefiting women and individuals in part-time employment. 

Webb said: “The government has listened to our concerns. The outcomes will help make Australia’s superannuation system fairer and more equitable.”  

“The indexing of the Division 296 proposal and taxing of realised earnings will ensure that Australia’s superannuation system remains fit for purpose for future generations. 

“If legislated, this change is expected to benefit millions of low-income earners by improving their capacity to contribute to superannuation and build long-term retirement savings.” 

In September 2025, CPA Australia endorsed Treasurer Chalmers’ directive to the Board of Taxation to explore avenues for reducing compliance burdens in the nation’s business tax system.