Jim Courtwood
Author of the Time & Attendance Consultant's Guide Series

🔍 How Do Australians End Up with $3M in Super? And Why It's Not as Unfair as It Sounds 

There’s been a lot of noise lately about Australians with superannuation balances over $3 million. 
The common narrative? 
That they’ve unfairly benefited from generous tax concessions. But the reality is more nuanced. 

To reach $3M in super, a person typically needs 35–40 years of uninterrupted work, consistent contributions, and sensible investment choices—not just a high salary. 

Many of these individuals are professionals, small business owners, or dual-income couples who played by the rules and invested early. 

And here’s the part that’s often missed: 

💸 They’ve already paid a lot in tax. 
15% on every dollar contributed 
15% on super fund earnings 
10% CGT on long-term asset gains 
30% contributions tax for high-income earners (via Division 293) 

Across a working life, they may have paid $250K–$350K in super taxes—not including income tax. 
And in return? 
✔️ They’re unlikely to draw on the Age Pension 
✔️ Their super taxes fund broader public services 
✔️ Their account fees help subsidise fund costs for others 

With the proposed Division 296 tax (an extra 15% on earnings over $3M), it’s worth asking: 
Are we taxing prudence—or truly targeting excess? 

Let's have a balanced conversation about fairness, sustainability, and long-term trust in our retirement system.


Jim Courtwood

jimc@timeandattendance.com.au

1300 553 254

0437 772 977