Chalmers Backs Down on $3m Super Tax
The Treasurer, Jim Chalmers, has made significant concessions on the plan to increase tax on earnings above $3 million.
The government will no longer apply the Division 296 tax on super balances above $3 million to unrealised capital gains. The threshold will also be indexed, and a higher tax rate will apply to balances above $10 million.
- Previous proposal: all earnings above $3 million would be taxed at 30% (instead of 15% under current rules), including unrealised gains and without indexation.
- New version: additional tax payable only on realised investment earnings generated by the portion of an individual's total superannuation balance (TSB) that exceeds $3 million.
No direct quotes available in the text.
Author's summary: Chalmers revises super tax plan with concessions.
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