Super tax receipts to increase by $10.9bn

The superannuation sector is expected to get a bigger tax bill with super tax receipts expected to increase by $10.9 billion over forward estimates, Treasurer Jim Chalmersº¹ revealed in the midyear economic and fiscal outlook (MYEFO).

- Eliza Bavin

"Superannuation fund tax receipts have been revised up by $4.3 billion in 2025-26 and by $10.1 billion over the four years to 2028-29," the MYEFO said.

"The upward revision reflects higher superannuation contributions (from higher wages) and tax from investment earnings."

In response, the Super Members Council (SMC) urged the government to rethink its decision to push the bill for Compensation Scheme of Last Resort (CSLR) costs onto Australians with super.

This comes after Minister for Financial Services Daniel Mulino said all consumer-facing sub-sectors within the financial services sector, and all 23 retail-facing sub-sectors will foot the $47.3 million CSLR special levy.