Changes to the Super Tax: How it Affects You Now
The Albanese Government's Treasurer, Jim Chalmers, has made significant changes to the super tax, which were initially perceived as threatening.
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 changes in 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 new reforms are more tolerable and will primarily affect the very rich.
Author's summary: The Albanese Government has softened its super tax changes.
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