Chartered Accountants Australia and New Zealand (CA ANZ) has called for an urgent review of a bill that could introduce tax unrealised gains in superannuation assets exceeding A$3m ($1.91m) in Australia.
The Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill 2023, which was set to be debated on 13 February 2025, has been delayed, potentially until after the upcoming election.
CA ANZ has been opposed to this policy since its announcement in February 2023 and has actively advocated against it through its 2025-26 Federal Budget Submission.
In its submission, CA ANZ urged for the legislation to be rejected in the Senate and called for a roadmap towards tax reform.
The submission also recommended a post-implementation review of recent complex tax regulation changes, a review of regulatory frameworks affecting tax, retirement, and sustainability, and initiatives to support small businesses and reduce compliance burdens.
Additionally, CA ANZ has suggested measures to enhance productivity, including making it easier for employers to develop local talent and access global talent.
These proposals were part of a series of policy recommendations put forward by CA ANZ ahead of the 2025 federal election.
CA ANZ CEO Ainslie van Onselen is appealing to the crossbench to oppose the legislation if Parliament reconvenes in March.
She added: “The government’s changes to super would have seen tax increase from 15% to 30% on super funds above A$3m, leaving Australians with tax bills in the tens of thousands right in the middle of a cost-of-living crisis. It would have captured unrealised gains held in self-managed funds, such as farms and small businesses, and unfairly penalised Australians who have been advised and encouraged to keep their assets in their super funds.
“For some hard-working Australians, the only way to pay these taxes would be to take out a loan or sell their assets – a frankly ridiculous notion.”
