The quiet superannuation change that could cost you dearly— by Noel Whittaker

Noel Whittaker is the author of Wills, Death & Taxes Made Simple and numerous other books on personal finance. Email: [email protected]

The election quickly descended into a contest of promises, coupled with an avalanche of misinformation. Sadly, the Coalition was hopeless at communication.

Progressing towards nuclear energy should be a no-brainer. Yet the only people who put the case logically and forcefully were Dick Smith and Nick Cater. They reminded us that at the COP28 UN Climate Change Conference in December 2023, 22 countries – including the United States, France, Japan, and the United Kingdom – signed a declaration to triple global nuclear capacity by 2050.

Meanwhile, real issues were swept aside – like soaring electricity prices, a deepening rental crisis, and the shameful fact that Australia now ranks dead last among OECD nations for growth in living standards. It won’t take long for the chickens to come home to roost.



The Prime Minister may have flourished a giant Medicare card, but will it actually get you in to see a GP? Whether you pay or it’s bulk-billed makes little difference when there’s a chronic shortage of doctors.

Then came his clueless jab at restaurant owners over holiday surcharges – oblivious to the fact that high penalty rates mean it’s either add a surcharge or shut the doors.
There’s one small mercy: the attack on landlords seems to be losing steam. Perhaps the logic has finally sunk in – fewer rental properties mean higher rents. It’s not complicated.


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This overlooked super rule could bite hard. Image Credit: Shutterstock



But the biggest ticking time bomb is Labor’s plan to tax unrealised capital gains in super. Announced in 2023 – and now likely to pass, with Labor and the Greens close to a Senate majority – the measure imposes a new 15% tax, not just on profits you’ve actually made, but on “gains” you haven’t even realised. If your total super balance exceeds $3 million, you’ll be taxed on paper gains, even if nothing has been sold.


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