Superannuation Tax Plan Scrapped
The federal government has scrapped plans to tax unrealised gains of large superannuation accounts, deemed a "disaster" for the Australian tech and startup sectors.
Treasurer Jim Chalmers announced the backflip on Labor's planned reforms, which included a 15% tax on earnings for accounts over $3 million, including unrealised gains.
The plan had been labelled a "disaster" for the Australian tech and startup sectors.
- The plan was first announced in 2023.
- The 15% tax on earnings for superannuation accounts above $3 million has been removed entirely.
The tech startup sector has breathed a sigh of relief following the announcement.
Author's summary: Government scraps superannuation tax plan.