Experts are already devising methods for investors who have Superannuation balances above $3 million to avoid being hit with higher taxes.

From 2025 the superannuation fund concessional tax rate will increase from 15% to 30% for taxpayers with balances above $3 million.

Cameron Harrison, Partner, Anne-Marie Tassoni, says most affected people will simply restructure their finances and invest anything above $3million elsewhere.

She says some might consider drawing down on their superannuation above $3 million and contribute to the superannuation accounts of their children.

Tassoni says this will help prevent “frivolous consumption” by the children, who will have to wait many years to access the money.

Other analysts suggest tax-efficient investment bonds, or discretionary and testamentary trusts.

Anna Hacker, of Pitcher Partners Advisory, says investors might need to be a bit more creative, while Australian Unity head of strategy Greg Bird, warns the changes will affect a wider group than just people with a super balance of $3 million.