Author: Admin

The Labor government has proposed changes to the tax rates on superannuation balances above $3 million. The changes, which were announced today by Treasurer, would see those with high superannuation balances pay a higher tax rate on their earnings. Under the proposed changes, those with super balances above $3 million would be subject to a 30% tax rate on their earnings, up from the current tax rate of 15%. The changes are aimed at ensuring that high-income earners pay their fair share of taxes and that the tax system remains progressive. The Treasurer said that the changes would affect only...

The Labor government has announced a change to tax concessions within super. This takes the form of a 30% tax on earnings made in super for Members with a Total Super Balance above $3 Million – up from 15%. This introduces an additional tier in earnings tax similar to the one introduced previously for contributions tax, whereby high income earners (>$250,000) would be taxed at a rate of 30%.