A recent poll conducted by ifa revealed that 61.7% of financial advisers foresee their clients being affected by this new tax. Breaking this figure down, 17.4% of advisers report a high number of clients impacted, while 44.3% have only a few clients above the threshold. The poll, which surveyed 357 advisers, found that 3.4% remain uncertain about the impact, 9.8% indicate some clients are close to the threshold, and 25.2% stated that none of their clients would be affected.
The policy faced stagnation in the Senate, held back before the federal election due to a lack of support. With Labor's electoral victory in May, the landscape seemed ripe for passing the measure, primarily due to a smaller crossbench that requires only Greens' support for approval. However, emerging opposition focused on the inclusion of unrealised gains in the tax calculation has complicated matters. The Greens are advocating for adjustments lowering the threshold to $2 million but calling for indexation.
Notably, the government has shown little urgency in moving the bill forward, having left it off the legislative agenda for the initial parliamentary sessions post-election. Despite the stalled start date of 1 July 2025 looming, government officials show no signs of reconsidering the tax on unrealised gains.
Questions concerning the super tax, ranging from its impact on farmers to broader applications of taxing unrealised gains, were prevalent during Parliament's first question time. Prime Minister Anthony Albanese dismissed opposition concerns, implying they were misjudging public sentiment post-election. He indicated that scare tactics are more effective before elections than after.
Forecasts from the Financial Services Council estimate about 500,000 working Australians could be affected by the $3 million super tax, provided no adjustments for inflation are made. This estimation underscores the significant potential reach of the new tax measure should it gain legislative approval.
