Changes to the Super Tax
The Albanese Government has revised its super tax changes, with Treasurer Jim Chalmers backing down on initial proposals.
The new reforms will primarily affect the wealthy, but are considered more tolerable. Key changes include:
- The tax on unrealised gains has been abolished.
- The $3 million threshold for a 30% tax on super earnings will be indexed to inflation.
This change means future generations of Aussie super savers won’t be caught by the $3 million threshold when the 15% tax on super becomes 30%.
Author's summary: Revised super tax changes are more tolerable.