Superannuation Tax Plan Scrapped
The federal government has scrapped plans to tax unrealised gains of large superannuation accounts, a move that had been labelled a "disaster" for the Australian tech and startup sectors.
Treasurer Jim Chalmers announced the backflip on Labor's planned reforms, which were first announced in 2023 and included a 15 per cent tax on earnings for superannuation accounts above $3 million.
The plan had been labelled a "disaster" for the Australian tech and startup sectors.
The removal of the tax on unrealised gains is a significant change to the original plan, following widespread backlash.
Author's summary: Government scraps superannuation tax plan.