Albanese government lifts tax rate on superannuation balances over $3m
by Paul Karp from on (#699NW)
The changes, which will not come into effect until 2025-26, will apply to around 80,000 people
- Follow our Australia news live blog for the latest updates
- Get our morning and afternoon news emails, free app or daily news podcast
The Albanese government will cut tax concessions on super accounts with more than $3m, promising to legislate this term for a change to take effect in 2025.
From 1 July that year, superannuation on balances above $3m will be taxed at a rate of 30%, up from the current concessional rate of 15%.
Sign up for Guardian Australia's free morning and afternoon email newsletters for your daily news roundup
Continue reading...