Prime Minister Anthony Albanese has announced tax on superannuation earnings for balances over $3 million will double from 15 per cent to 30 per cent from 2025.
He said the government was left with a budgetary mess by the previous government, and those financial pressures would ramp up over the next couple of years so it was Labor’s job to try to repair the budget. Chalmers pointed out that 17 people have more than $100 million in their super accounts, while one person has more than $400 million, and was at pains to stress the government was not coming after the super balances of normal Australians.
Chalmers said he has no plans to index the $3 million threshold – meaning the level at which higher tax will be levied would not rise over time.
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