Australian government proposes taxing superannuation over $3M at 30%, facing opposition and potential repeal.

The Australian government is pushing legislation to increase the tax rate on superannuation balances over $3 million from 15% to 30%, effective July 1, which critics argue could force farmers and small business owners to sell assets to pay taxes. Treasurer Jim Chalmers is working to secure Senate votes, including those from crossbenchers, by linking the proposal with a popular measure to reduce credit card surcharges. The opposition vows to repeal the tax if the bill passes before the election.

2 months ago
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