Changes to the Super Tax
The Albanese Government has revised its super tax changes, with Treasurer Jim Chalmers announcing a backflip on previously proposed reforms.
The new changes will primarily affect the very rich, but are considered more tolerable than initial proposals.
Key Changes
- The tax on unrealised gains has been cancelled.
- The $3 million starting point for a 30% tax on super earnings will now be indexed to inflation.
This change means that future generations of Australian super savers will not be caught by the $3 million threshold when the 15% tax on super increases to 30%.
the new reforms are more tolerable
Author's summary: Revised super tax changes announced.