1. Removal of tax exemptions on superannuation assets supporting high-income streams. From 1 July 2014, earnings on assets supporting income streams above $100,000 per year will be taxed at a rate of 15 per cent (currently all earnings from assets supporting superannuation income streams are tax-free).

2. Increase in the concessional caps for certain superannuation members. From 1 July 2013 the concessional contribution cap will be increased for people aged 60 and over from $25,000 to $35,000 and from 1 July 2014 taxpayers aged 50 and over will have a $35,000 cap).

3. Reform of the tax treatment of excess concessional contributions. Taxpayers that have exceeded their concessional contribution cap after 1 July 2013 will be able to withdraw the excess contribution from their superannuation fund which will then be taxed at the taxpayer’s marginal rate.