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