Eight Changes to the Super Tax: How it Affects You Now
The Albanese Government has revised its super tax changes, with Treasurer Jim Chalmers backing down from initial proposals.
The key changes include:
- 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 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%.
These reforms will primarily affect the very rich, making the new super tax changes more tolerable.
Author's summary: Revised super tax changes announced.