Albanese government proposes doubling tax rate on superannuation earnings above $3m to 30% from 2025.

The Albanese government proposed a controversial law in response to claims of wealth accumulation in superannuation. From 1 July 2025, the tax rate on superannuation earnings above $3m would double to 30%. Critics argue that the plan to calculate tax on unrealised capital gains presents issues, including asset valuation difficulties and lack of understanding for market volatility.

May 12, 2024
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