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STOP THE FAMILY SAVINGS TAX

To the Parliament
of Australia:

Australia has been spared — for now — from the worst impulses of the Albanese Government.

After years of stubborn stonewalling, the Treasurer has finally listened to tens of thousands of Australians who relentlessly called out the reckless idea of taxing people on money they haven’t earned and may never see — and axed it.

But keeping a 30% tax on realised earnings above $3 million — even with indexation — is still a raid on family savings. It distorts investment, undermines trust, and punishes SMSFs, family businesses, and farmers who planned in good faith and played by the rules. Worst of all, it robs future generations.

Our family savings are not a piggy bank to be raided. We call on every MP and Senator to scrap this tax in full and pursue real reform that rewards hard work and those who do the right thing.

Respect working families. Reward aspiration. Scrap the Family Savings Tax.

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We must stop THIS unconscionable TAX!

1

30%
Tax Hike

On earnings inside your family savings isn’t reform it’s a blatant cash grab to feed the government’s addiction to reckless spending.

2

Distorts Investment

Higher rates and unclear capital gains treatment penalise illiquid assets (farms, businesses, unlisted investments) and push savings towards riskier options.

3

Young Australians Hit the Hardest

This is a tax on aspiration. Indexation may stop bracket creep, but it doesn’t justify a permanent higher tax on the savings that younger Australians are working hard to build as they strive to get ahead and live the Australian dream.

4

We’ve
Won Before

We killed the tax on unrealised gains. Now, let’s knock this tax out altogether.

WHAT AUSTRALIANS ARE SAYING

– Graydon
“Why bother saving if the government plays with the rules? This will catch many more retirees than they admit.”
– Christine
“I’ll be taxed on a pension I can’t control, then it disappears when I die. How is that fair?”
– Scott
“I worked hard for 40 years to retire without burdening the government. These changes destroy trust in the system.”
– John
“Had we known this could happen, no one would’ve used super to save. We followed the rules — now we’re being punished for doing too well.”
Submissions for the inquiry into the Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023 [Provisions] and the related Superannuation (Better Targeted Superannuation Concessions) Imposition Bill 2023
9a16d7bc-d31c-49b5-b1c1-e553a840cab7

Earnings on the portion of balances above $3 million face a total 30% tax; above $10 million, 40%. Thresholds will be indexed.

No. It applies to all assets inside super — property, farms, shares, and unlisted investments — but now on future realised earnings, not paper gains. Critical capital gains and attribution details are still unsettled, which matters for SMSFs and illiquid assets.

It destroys trust in retirement planning.
 It penalises saving and investing done in good faith.
 It threatens SMSFs, family farms, and small business transitions.
 It’s damage control, not reform — Australia needs growth-focused policy, not higher super taxes.

The government’s target is 1 July 2026. LISTO changes (to $810, threshold lifted to $45,000) take effect from 1 July 2027.

Until the bill is drafted and passed, nothing is settled —  keep the pressure on.
SIGN THE PETITION

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