Superannuation Tax Plan Scrapped
The federal government has scrapped plans to tax unrealised gains of large superannuation accounts.
The plan, announced in 2023, included a 15% tax on earnings for accounts over $3 million, including unrealised gains.
The plan had been labelled a "disaster" for the Australian tech and startup sectors.
Treasurer Jim Chalmers announced the backflip on Labor's planned reforms earlier this week.
- The tax plan has been removed entirely following widespread backlash.
- The tech startup sector has breathed a sigh of relief.
Author's summary: Government scraps superannuation tax plan.
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