Treasury s clampdown on tax concessions for superannuation balances greater than $3 million has been laid out in its draft legislation and is now opened for consultation.
The Government said it intends to undertake further detailed consultation on draft legislation for the Better Targeted Superannuation Concessions measure in the second half of this year. Treasury said
A think tank has warned Prime Minister Anthony Albanese s planned super shake-up is effectively a wealth tax that will discourage Australians from investing in their retirement savings.
The Federal Treasury has claimed that the approach to reporting actual taxable earnings for the $3 million super tax is “sector-neutral”. Despite myriad assertations from various associations with
Indexing the $3 million threshold and using actual earnings to calculate tax are among suggestions from associations to the Treasury super concession consultation, described as a “tax grab” in its current form.