Eight Changes to the Super Tax: How It Affects You Now
The Albanese Government has revised its super tax changes, with Treasurer Jim Chalmers announcing a backflip on previously proposed reforms.
Key changes include the cancellation of the tax on unrealised gains and the indexing of the $3 million starting point for a 30% tax on super earnings to inflation.
The new reforms are more tolerable and will primarily affect the very rich.
- The tax on unrealised gains has been cancelled.
- The $3 million threshold for a 30% tax on super earnings will be indexed to inflation.
This change means future generations of Australian super savers will not be caught by the $3 million threshold when the 15% tax on super becomes 30%.
Author's summary: Revised super tax changes announced.