Changes to the Super Tax
The Albanese Government has revised its super tax changes, with Treasurer Jim Chalmers announcing a backflip on previous proposals.
The new reforms will primarily affect the very rich, making them more tolerable for the general population.
Key Changes
- The tax on unrealised gains has been cancelled.
- The $3 million starting point for a 30% tax on super earnings will be indexed to changes in inflation.
This change means that future generations of Australian super savers will not be caught by the $3 million threshold, resulting in a more gradual tax increase from 15% to 30%.
The new super tax changes will hit the very rich, the new reforms are more tolerable.
Author's summary: Revised super tax changes announced by Treasurer Jim Chalmers.