Chartered Accountants Australia and New Zealand (CA ANZ) has welcomed the delay of legislation which could have seen individuals with more than $3 million in superannuation assets forced to borrow money or sell assets to pay tax bills.
The Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill 2023 sought to tax unrealised gains in Australia for the first time – setting a dangerous precedent.
"This Bill sets a dangerous precedent that should have been shut down by the Senate. What's next? A tax on the unrealised value of the family home above $3 million?" CA ANZ CEO Ainslie van Onselen said.
The Bill was due to be debated yesterday but was delayed in what could have been the last sitting week of Parliament before the election is called.
CA ANZ has not supported this policy since it was announced by the government in February 2023, and used its 2025-26 Federal Budget Submission to advocate for the legislation to be voted down in the Senate.
Ms van Onselen is calling on the crossbench to not support the legislation if Parliament returns in March.
"The government's changes to super would have seen tax increase from 15 per cent to 30 per cent on super funds above $3 million, leaving Australians with tax bills in the tens of thousands right in the middle of a cost-of-living crisis," Ms van Onselen said.
"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."
