Labor has effectively capped superannuation concessions at $10 million, which experts said would encourage wealthy Australians to pull their money out of the retirement savings system and park it in luxury property and trusts.
The new policy, which still has to get through the Senate, puts a historically high headline tax rate of 40 per cent on super balances above $10 million, which is just a few percentage points below the top marginal rate of 47 per cent (when the Medicare Levy is included).
Source: https://www.afr.com/wealth/superannuation/10m-super-cap-may-drive-investment-in-property-and-trusts-20251013-p5n27a