The New 30% Super Tax Coming for Self-Funded Retirees Over $3 Million

Division 296 is law. It received assent on 13 March 2026 and applies from 1 July 2026, which means the financial year it measures is the one running now. This video works through what actually passed, not what was announced in 2023: the two thresholds ($3m and $10m), the proportion formula the ATO publishes, why the tax applies to a share of your earnings rather than to the money above the line, and the 60-day release election that closes before the 84-day payment deadline. Also covered: why the "withdraw in June to get under $3m" plan stops working from 2027-28, how defined benefit interests accrue a deferred debt instead of an annual bill, and which categories are genuinely excepted. This channel is not run by Services Australia or the ATO, is not paid by any super fund, and is not selling anything. Sources Treasury Laws Amendment (Building a Stronger and Fairer Super System) Act 2026 (Act No. 8, 2026), assent 13 March 2026 — legislation.gov.au Superannuation (Building a Stronger and Fairer Super System) Imposition Act 2026 — legislation.gov.au ATO, "Division 296 tax on large super balances" and "How Division 296 tax is calculated", updated 29 June 2026 — ato.gov.au ATO, "Division 296 tax for defined benefit interests", updated 29 June 2026 — ato.gov.au Treasurer's press conference, 13 October 2025 — ministers.treasury.gov.au Treasury, "Consultation on better targeted superannuation concessions changes", 19 December 2025 — ministers.treasury.gov.au Disclaimer: For education only. Not financial, legal or tax advice. For anything that touches your own situation, speak with a registered Tax Agent, a licensed financial adviser, or book a free Financial Information Service appointment with Services Australia.