Superannuation Tax Plan Scrapped
The federal government has scrapped plans to tax unrealised gains of large superannuation accounts, a move that had been labelled a "disaster" for the Australian tech and startup sectors.
Treasurer Jim Chalmers announced the backflip on Labor's planned reforms, which were first announced in 2023 and included a 15 per cent tax on earnings for superannuation accounts above $3 million.
The plan had been labelled a "disaster" for the Australian tech and startup sectors.
The removal of the tax on unrealised gains has been welcomed by the tech startup sector, which had expressed concern over the potential impact of the plan.
Author's summary: Tax plan scrapped due to backlash.
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