The federal government will lift the tax rate on superannuation account balances over $3 million.

Legislation will be introduced this year to double the tax rate to 30 per cent for super amounts above $3 million, impacting around 80,000 Australians.

Aspire Retire Financial Services co-founder Olivia Maragna says it will make the system much more complex.

But she says Australians will have years to plan, and she advises people to hold off from moving their money around yet.

“It’s early days, it’s not time to panic it’s not time to think about selling whatever you’ve got in your super fund, let’s just wait and see, see what the legislation says and go from there,” she told Neil Breen,

Press PLAY below to hear her detailed explanation and analysis in full

RELATED

‘This will not be the last of it’: Finance reporter flags future changes to super