Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Hansard source

We are including them under the same arrangements, so, yes, they will be treated equitably. As I said, there are two areas that we would like to consult industry on: the valuation of a defined benefit scheme for the purposes of assessing a person's superannuation balance against the $3 million threshold; and the approach to taxing the equivalent of earnings in relation to balances above $3 million. We will consult closely on this with funds that have defined benefit schemes. These are exactly the same arrangements that you put in place when you lowered the $300,000 division 293 threshold to $250,000. Those changes weren't indexed, by the way; I'll just throw that in. When you put those arrangements in place, you also undertook a process around defined benefits schemes. We are doing exactly the same thing.