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