The government will release draft legislation today on its plan to crack down on tax concessions for big balance accounts.
on generous tax concessions for Australians with more than $3 million in superannuation savings, as it digs in on the proposed changes despite some opposition.which will double the tax from 15 per cent to 30 per cent on earnings from superannuation balances over $3 million.defining the objective of superannuation as, among other things, preserving savings in “an equitable and sustainable way”.
He slammed the opposition for not supporting the tax, saying it was prioritising “bigger tax breaks for people who already have tens of millions of dollars in super” over those doing it tough. “The Coalition should either support this modest and sensible change or nominate where else they will find billions of dollars in budget improvements.”in revenue from the measure in its first full year of operation from July 1, 2025.
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