Scrapping of 'Disastrous' Superannuation Tax Plan
The federal government has scrapped plans to tax unrealised gains of large superannuation accounts, a move labelled a "disaster" for the Australian tech and startup sectors.
Treasurer Jim Chalmers announced the backflip on Labor's planned reforms, which included a 15% tax on earnings for superannuation accounts above $3 million, including unrealised gains.
The plan had been labelled a "disaster" for the Australian tech and startup sectors.
The plan, first announced in 2023, has been removed entirely following widespread backlash, bringing relief to the tech startup sector.
Author's summary: Government scraps superannuation tax plan.
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