ASX- Listed Australian stocks:
A1M, AAC, ABX, ABY, ADI.AU, AKE, ALK, AMC, AMI, ANN, ANZ, APA, ARB, ASM, AZS, BFC, BFC.AU, BHP, BKL, BLD, BOQ, BUB, BWP, CAT, CHC.AU, CHN.AX, CKF, CNR, COF.AX, CQE.AU, CSL, DHG, DMP, DXS.AU, ECF.AX, EHE.AUX, ELD, ENN.AX, ESS, EVN.AU, FAL, FATP.AX, FID, FMG, FPC.AU, FPP, GBS, GOLD, GOR.AU, GPT.AU, HUB, IDX, IGO, IPL, JHC.AX, JHX, KRR, MCR, MPL, NAB, NCM.AU, NEC, NML, NSR.AU, NST.AX, NUF, NXM, ORA, ORI, PAN, PAR.AU, PPS, PRN, QAN, QBE, RED, RIO, RXL, S32, SBM, SCG.AU, SCG-2, SFR, SGP, SHL, SLR, SRG, SRV.AU, SSPG-2, SSR, STO, SUN, SVY, TLS, TPG, TRS, TWE, VCX, WBC, WDS, WHC, X64, PDN, GNC, MGR, TYR, ATOM, 29M, RRL.AU, STO.AX, WDS.AX & GMD.AX
International stocks:
3382, 3690, 5930, 6506, 6954, 8058, 9432, 1128.HKE, 1818.HKE, 1821.HK, 1876.HKE, 1928.HKE, 1972.HKE, 2282.HKE, 2840.HKE, 2883.HKE, 3289.TKS, 3690.HKE, 388.HKE, 435.HK, 5929.TKS, 6367.TKS, 6481.TKS, 6758.TKS, 683.HKE, 69.HKE, 700.HKE, 7167.TKS, 7186.TKS, 7974.TKS, 823.HK, 8306.JP, 8316.JP, 8331.T, 8411.T, 8604.TKS, 8604-2, 8801.JP, 8804.TKS, 9684.TKS, AAL, AAPL.NAS, ABX.TSX, ACA.PAR, AIR, AMH.NYS, AMS, AMS.MAD, ANGPY, ANTO, APF, ARF, AT1.ETR, ATVI, ATYM, AUTO.LSE, AV, AVB.US, BA, BABA.NYS, BAC, BARC, BBOX.LSE, BGFD, BHP.NYS, BHR.NYS, BIDU.NAS, BKIA, BMW, BN, BNP.PAR, BP, BT.A, BXP.NYS, C, CAST.SE, CAT, CCH, CCL.LSE, CDE.NYS, CDE.US, CEY, CHL, COL.ES, CQR, CSCO, CSGN, CUZ.NYS, CVO.PA, DGE, DHC, DHI, DIS, DIS.NYS, DLR.NYS, DOM.LSE, ECMPA.AMS, ENAV-uk, ENTRA.OSL, ENX.PAR, EQIX, ESS.US, EXR.NYS, EZJ, FDX, FRES.LSE, G24, GDX.LSE, GDXJ.LSE, GDXJ.US, GEMD, GLD.ARC, GLEN, GOCO, GOLD.NYS, GOOG, GRG, GSK, HDB, HEIA.AMS, HL, HLT.NYS, HMY, HMY.NYS, HSW, HUFV.SE, IAG, IBN, IMG, IMPUY, ITRK, ITV, JHX.NYS, JP.8308, KGC, KIM.US, KNEBV.HEL, KWS, LEG.ETR, LEN, LGEN, LLOY, LRE, LSE, LVMH, MC.PAR, MCRO, MCRO.LSE, MKS, MOL, MONY, MRL.ES, MTN.NYS, NEM, NG, NSR, NWH.U.CA, NWH.UN.TSX, OXY, PETS, PG, PHE, PHE.LSE, PLATJPN, PLD.US, PLEF, PLG.CA, POLY, PPH, PSA.NYS, PZC, RB, REL, RELX, RI, RIGD, RIGD.LSI, RING, RMV.LSE, RNK, RR, SGE, SGRO.GB, SHEL, SIL, SKT, SKT.US, SLP, SMDS, SMI, SMSN.LSI, SN, SNE, SPG.US, SPK, SRC.US, STAY.NAS, SYY, TGYM, TJX.NYS, TME, TRNO.US, TSM, TTWO, TWR, UBER, ULVR, UMH.NYS, VER, VNO.NYS, VOD, VOW, VTR.US, WELL.K, WMG.NAS, WYNN, XERI.PK, XOM, YTRA, YUMC, ZG.NAS, URA, HEM.SE, 9888.CN, 9988.HK, 7163.JP, CDE.US, GENI.GB, PDN.AX, RIOT.US & ZG.US
From Bad to Better: The Super Tax Backflip
After months of intense political pressure and, reportedly, a nudge from Prime Minister Anthony Albanese, Treasurer Jim Chalmers has substantially revised his controversial superannuation tax proposal, backing away from the most contentious element while introducing a new upper threshold. The super tax backflip 2026 spells major changes for high-net-worth SMSF investors.
The cabinet-approved redesign drops any tax on unrealised gains, so paper profits on unsold farms, properties and small-business stakes inside self-managed funds are out. In their place sit two inflation-indexed thresholds: the original $3 million level and a new $10 million threshold. Importantly, both will increase with inflation to preserve purchasing power over time. This addresses two of my key frustrations (unrealised gains and the lack of indexation) that I earlier wrote about in previous notes.
However, I still believe that the Labour Government should leave Australia’s superannuation system well alone. The system (introduced under the Keating/Hawke labour government in the 1980s) has indisputably been a huge success and the envy of the world – and is best left completely alone!
Under the revised system, superannuation earnings on balances between $3 million and $10 million will face a total tax rate of 30%, up from the current 15%. This change will affect approximately 90,000 Australians, representing less than 0.5% of the population. For the roughly 8,000 people, or around 0.1% with balances exceeding $10 million, the total tax rate above that threshold climbs to 40%. The 15% tax rate on balances below $3 million remains.
The changes won’t take effect until 1 July 2026, a year later than originally planned, and will only apply to future realised earnings rather than paper gains. Further, the thresholds will be indexed, so that the measure won’t automatically capture a much larger percentage of the population in the coming years (due to inflation).
The Greens, who hold the balance of power, have criticised the backdown, but the AFR reports that the government expects the package will ultimately be supported because it includes some benefits for low-income earners.
To address a quirk created by recent tax shifts, Chalmers announced the Low Income Super Tax Offset (LISTO) maximum payment will increase from $500 to $810 and extend to workers earning up to $45,000, up from the current $37,000 threshold. This change benefits approximately 1.3 million Australians and takes effect from 1 July 2027. The adjustment ensures many low-paid workers won’t pay more tax on their superannuation contributions than on their take-home pay.
The AFR reported that the superannuation sector broadly welcomed the changes, with Association of Superannuation Funds Australia chief executive Mary Delahunty praising the reforms for making the system fairer. Former Prime Minister Paul Keating, architect of Australia’s compulsory superannuation system, applauded the decision as “restoring much-needed equity following the Howard/Costello rampage of 2007.”
The modifications will cost the government $4.2 billion over four years in foregone revenue, largely due to the one-year delay. By 2028-29, the modified tax is projected to generate $1.6 billion annually, compared to $2.5 billion under the original proposal. Chalmers says there are no further super changes on the drawing board, citing the challenges to get to this point.
The pivot from the earlier stance is welcome, moving to an easy-to-measure tax on realised earnings above indexed thresholds. That clarity should lower the policy risk premium across pension-heavy assets and avoid forced selling from self-managed funds that might have faced cash-flow mismatches under an unrealised-gain tax. Liquidity and credit transmission in the system are steadier without a tax on paper gains, which would likely have amplified volatility in property-linked SMSFs.
The changes support the case for staying long in wealth platforms (HUB, PPS, FID) and REITs with residential exposure (SGP, MGR). In addition, reliable, high-dividend payers like Telstra and the banks will remain tax-efficient for most income seekers.
Carpe Diem
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