New rules have been proposed for your super. Here’s what you need to know

Major changes include indexing super balances to inflation and addition of a new threshold taxing balances between $3m and $10m

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The Albanese government has dramatically rewritten its major tax policy, caving in to criticism on its controversial superannuation tax plan by raising thresholds and slashing the amount of money it will rake in.

After a long period of sustained attack from politicians and lobby groups, the government has conceded defeat on all major criticisms, with the treasurer, Jim Chalmers, saying the policy rewrites would “better target superannuation concessions”.