Peter Leggett

While the move to tax superannuation balances above $3 million at a higher rate would affect only a handful of people at first, if the threshold is not indexed to inflation, future generations may be turned off from investing in their super, industry leaders say.

The ATO recently announced a rule review that could see the cost of advice fees become tax deductible, a change many in the industry say would expand access to quality financial advice by making it more affordable.