Changes to the Super Tax: What You Need to Know
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, but are considered more tolerable than initial suggestions.
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 changes in inflation.
This change means that future generations of Australian super savers will not be caught by the $3 million threshold, which previously triggered a 30% tax on super earnings when the standard 15% tax applied.
No more super-scary boogie man, the new reforms are more tolerable.
Author's summary: Revised super tax changes will hit the rich, with more tolerable reforms.
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