The latest review and policy update on superannuation tax concessions in Australia focus on reducing tax benefits for very high superannuation balances. From 1 July 2025, individuals with total superannuation balances exceeding $3 million at the end of the financial year will face an additional 15% tax on the earnings attributable to the amount above $3 million. This effectively raises the tax rate on those earnings to 30%, compared to the current 15% rate. This change applies only to the earnings on the excess balance, leaving earnings on amounts below $3 million taxed at the current, lower rates. This policy aims to better target superannuation tax concessions, affecting less than 0.5% of superannuation account holders, around 80,000 people by the 2025-26 financial year, while more than 99.5% of individuals with superannuation will remain unaffected. Importantly, no limits are placed on the size of the superannuation account balances during the accumulation phase. Currently, superannuation fund investment earnings, excluding retirement account earnings, are taxed at a headline rate of 15%, with a reduction to 10% on capital gains from assets held over 12 months. Earnings in retirement accounts are tax-free, up to a Transfer Balance Cap of approximately $2 million, indexed over time. This review represents a targeted approach to reduce the preferential tax treatment available to the wealthiest superannuation holders, while maintaining incentives for the vast majority of Australians saving for retirement.