The Australian reported that the analysis showed that if the threshold was dropped to $2 million, people who had $1.875m in their super in one year would be pushed to the higher tax rate the following year if their fund delivered a 7.5 per cent return.

If the threshold remained at $3 million and an individual had $2.8 million in superannuation they would be taxed at 30 per cent the following year after a 7.5 per cent return.

Peter Burgess, chief executive of the SMSF Association, told SMSF Adviser that the association has not seen the “numbers or the analysis” behind the claim.

“Looking at the ATO statistics and the ranges it uses, if the Div 296 tax threshold is dropped to $2 million, the accuracy can’t be known,” Burgess said.

The Greens previously said they would support the Better Targeted Superannuation bill through the Senate, where it stalled just days before the election was called, if the government agreed to lower the $3 million threshold.

“I’m not surprised the Greens would propose this reduction, and if the polls are right, we are heading towards a minority Labor government and the Greens’ position on this tax is very relevant,” Burgess said.

“I have no reason to dispute the figures [mentioned in the analysis]. If the threshold is reduced, many more people will be impacted.”

If there were a minority government, or if Labor secured a majority government, the SMSFA’s position would not be changed, Burgess added.

“If it is a minority government, we are back to where we are now. It is unlikely the Labor government would have the numbers in the Senate to pass the bill as it is, so it will be up to the crossbench again.”

He continued that it was now a wait-and-see game.

“If it is a minority government, they will need the support of the Greens to get this bill through, and we will just have to wait and see how the election pans out,” he said.

“Our position hasn’t changed regardless of the election outcome. We don’t support this tax and will continue to oppose it in its current form.”