The Greens have a new list of demands in exchange for their support on Labor’s new tax on high balance super accounts.
Already a subscriber?The Greens will push Labor to lower the threshold at which its new superannuation tax kicks in from $3 million to $2 million and limit the ability of self-managed super funds to borrow to invest in property in return for their support for the measure.
Greens senator Nick McKim is pushing for the cap on the government’s proposed super wealth tax to be lowered to $2 million.of the government’s plan to lift the tax rate on earnings on super balances above $3 million from 15 per cent to 30 per to the payment of super on paid parental leave. The Coalition, which is against the proposal, claims that without indexation, the threshold will equate to about $1 million by the time someone who is 30 now leaves the workforce.Applying to earnings on super balances above $3 million, the tax increase will hit about 80,000 Australians, representing 0.5 per cent of all super accounts, and is expected to raise $2.3 billion in 2027-28 – it’s first full year of collection, Labor says.
“Three separate reviews have said the exemption for super funds to borrow should be removed; now is the time to end it,” Senator McKim said. “Allowing SMSFs to continue borrowing to purchase investment properties under this proposed tax structure would be a recipe for disaster.”
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Greens call for Israeli ambassador's expulsion over looming Rafah invasionThe federal Greens are calling for Israel's ambassador to Australia to be expelled, as Israel prepares an invasion of the southern Gaza city of Rafah.
Read more »
Indigenous leaders blast Greens, activists for ‘using’ Aboriginal AussiesSenior Aboriginal leaders from northern Australia have slammed green activists, accusing them of using Indigenous people to further their own agendas.
Read more »
Liberal MP considers defying party to support Greens bill on no-grounds evictionsDespite both Labor and the Coalition promising to end no grounds evictions before the last election, neither has moved to end the practice. One Liberal MP is sick of waiting.
Read more »
Faruqi v Hanson: Greens senator seeks to reopen racial discrimination case citing new evidenceSky News podcast casts doubt on One Nation leader’s claim she did not know Faruqi was a Muslim when she sent ‘piss off back to Pakistan’ tweet, court told
Read more »
Greens Senator makes wild claim as she admits to chanting violent anti-Israel sloganGreens Senator Dorinda Cox has admitted to chanting the anti-Israel slogan 'from the river to the sea' at multiple pro-Palestine protests and refused to acknowledge the violent Hamas-linked origins of the phrase.
Read more »
Allan’s swipe at Liberals and Greens over housing as build-to-rent project approvedVictorian Premier Jacinta Allan has taken a dig at the Liberals and the Greens over housing as she confirmed the approval of almost a thousand new rental apartments.
Read more »