Superannuation Tax Plan Scrapped
The federal government has scrapped plans to tax unrealised gains of large superannuation accounts.
Treasurer Jim Chalmers announced a backflip on Labor's planned reforms, which included a 15% tax on earnings for accounts over $3 million.
The plan had been labelled a "disaster" for the Australian tech and startup sectors.
- The plan was first announced in 2023.
- The tax would have applied to superannuation accounts worth more than $3 million.
Author's summary: Tax plan scrapped due to backlash.