Scrapping of 'Disastrous' Superannuation Tax Plan
The federal government has scrapped plans to tax unrealised gains of large superannuation accounts, dubbed 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 superannuation accounts over $3 million, including unrealised gains.
The plan had been met with widespread backlash.
- The plan was first announced in 2023.
- The tax would have applied to superannuation accounts worth more than $3 million.
The tech startup sector has expressed relief at the decision.
Author's summary: Government scraps superannuation tax plan.