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 the previously proposed reforms.
The new changes will primarily affect the wealthy, but are considered more tolerable than the original proposals. Key changes include:
- The tax on unrealised gains has been cancelled.
- The $3 million threshold for a 30% tax on super earnings will be indexed to inflation, protecting future generations of super savers from being caught by the threshold.
The new reforms are more tolerable, and the change of mind is one that had to happen.
Author's summary: Revised super tax changes announced.
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