Changes to the Super Tax
The Albanese Government has made significant changes to the super tax, initially perceived as threatening. Treasurer Jim Chalmers has revised the proposed super tax changes.
The new reforms will primarily affect the very rich, making them more tolerable. Key changes include:
- 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 future generations of Aussie super savers won’t be caught by the $3 million threshold, when a 15% tax on super becomes 30%.
Author's summary: Revised super tax changes affect the rich.
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