WHAT
IS THE
FAMILY
SAVINGS
TAX?

It’s a new 30% income tax on UNREALISED GAINS in your family’s superannuation savings.

This means you’ll be taxed on money you haven’t even received!

To cover the Family Savings Tax on unrealised gains, you might be forced to sell your investments. And guess what? You’ll be taxed again on those realised gains!

This is DOUBLE TAXATION, and it will devastate the life savings of countless Australians.

How will the FAMILY SAVINGS TAX Work?

The Albanese government is pushing a NEW TAX on your family savings:

Tell us your story to say no to a Family Savings Tax.

At least 80,000 families will be impacted on Day 1, but the tax will rapidly extend to more Australians. With no inflation indexing, over 500,000 families could be captured by the Family Savings Tax within a few years.[1]
[1]Footnote: Financial Services Council Media Release, “Distributional Analysis of an Unindexed $3 Million Superannuation Balance Cap,” 3rd March 2023.
No. The Family Savings Tax applies to all assets, including property, farms and shares.
As early as the next Federal election, which means there is still time to stop it. So we must ACT NOW!

Where do the political parties stand?

LABOR

Strongly in favour
Pushing for this reform to hike taxes on hardworking Australians, so they can boost government spending.

LIBERAL

Strongly Against
Firmly against, warning it unfairly targets hardworking Australians and completely erodes trust in the superannuation system.

NATIONALS

Strongly Against
Strongly opposed, arguing it will devastate farmers and small businesses, leaving them to bear the brunt of this tax.

GREENS

Strongly in favour
Want to hit even more Australians with this tax, extending beyond Labor’s already unfair proposal.

TEALS

Unclear
Claim opposition, but support a review of the tax system that includes “everything on the table”, including the family savings tax.