Superannuation Tax Plan Scrapped
The federal government has scrapped plans to tax unrealised gains of large superannuation accounts, deemed a "disaster" for the Australian tech and startup sectors.
Treasurer Jim Chalmers announced a backflip on Labor's planned reforms, removing the 15% tax on earnings for superannuation accounts above $3 million, including unrealised gains.
The plan had been labelled a "disaster" for the Australian tech and startup sectors.
- Plan announced in 2023
- 15% tax on earnings for superannuation accounts above $3 million
- Widespread backlash led to removal of the plan
Author's summary: Government scraps superannuation tax plan.