The government is delivering more help to low-income workers and reforming the superannuation system to make it stronger, fairer and more sustainable.

The main changes are:

• An increase in the Low Income Super Tax Offset (LISTO) to help deliver a more secure retirement for 1.3 million Australians.
• Two indexed thresholds at $3 million and $10 million where better targeted concessions kick in.
• An adjustment to how the earnings are calculated so the concessional tax rates only apply to future realised earnings.
• A one year delay to the start date to consult on details and prepare legislation.

There are still tax concessions for everyone in the super system but they are better targeted for those with the biggest balances.

Labor built our superannuation system and we’re making it even stronger, fairer and more sustainable.

This builds on the Payday super reforms that will help ensure that more Australians get paid their super when they get paid their salary.