The government has settled its planned changes to the superannuation system.
From 2025-26, the concessional tax rate applied to future earnings for super balances above $3 million will be 30 per cent – up from 15 per cent.
The government says the change will only impact 0.5 percent of Australians – around 80,000 people.
“This adjustment does not impose a limit on the size of superannuation account balances in the accumulation phase. And it applies to future earnings – it is not retrospective. ”
Treasurer JE Chalmers says the change will raise about $2 billion in revenue in its first full year after the election.
“More than 99.5 per cent of Australians will continue to receive the same generous tax breaks that help them save more for retirement through superannuation.”
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