$3 Million Super Tax Overhauled: Labor changes Div 296

October 2025 – The Australian Government has announced significant changes to its proposed Division 296 superannuation tax, often nicknamed the “$3 million super tax.” These revisions come after widespread criticism of the original plan and aim to make the policy fairer and more practical. Below we break down what’s changing, when the new rules start, and how they impact individuals and super funds in an accessible way.