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New superannuation rules effective July 1 impose additional taxes on balances over $3 million, sparking debates about their impact on more than just the ultra-wealthy.

Hold onto your dividend statements, because the government just remembered that some Australians are really rich—and they’ve decided to lightly nudge them with a tax.

Starting this month, anyone with over $3 million in their super fund will face an extra 15% tax on earnings.

Cue the violins from the eastern suburbs.

This isn’t a Robin Hood moment—it’s more of a “Robin waved politely and sent a letter.” But it’s still got wealthy retirees clutching their pearls, tweeting furiously from luxury yachts, and writing open letters in The Australian about how this “destroys aspiration.” Babe, if you’re stressed by a 30% tax rate on passive income, I’ve got some zero-hour contract stories that’ll make you faint.

The change only affects about 80,000 Australians. Yes—eighty. Thousand. In a country of 26 million.

So, unless your super fund is stuffed with enough cash to buy a small island, this won’t touch you.

But the uproar? Oh, it’s been delicious.

Suddenly, people who never cared about Centrelink or food banks are sobbing about fairness.

The tax itself is aimed at earnings above that magical $3 million mark—not the full balance.

But that hasn’t stopped some MPs and “concerned” think tanks from spinning it as a war on aspiration.

Aspiration? Sweetheart, most Aussies are aspiring to own a home before they die.

Not figuring out how to hide a $4.2M nest egg in ethical ETFs.

Meanwhile, working-class families are digging coins out of couch cushions to pay their power bill, and these guys are crying foul because their tax bill might inch up from obscene to merely eye-watering.

The real kicker?

This change still leaves them with better returns than most people’s entire annual income.

And yet, politicians opposing the tax love to use phrases like “middle Australia” and “family impact.” Middle Australia is out here eating half a bag of rice and stressing about dental bills, not strategising over million-dollar super loopholes.

💅 Lola’s Lip Gloss Verdict: If you’ve got $3 million in super and you’re mad about a tax, I’d like to introduce you to the rest of Australia—where retirement plans are more “hope I don’t die at work” than “invest in Bordeaux.”

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