Superannuation Tax Plan Scrapped
The federal government has scrapped plans to tax unrealised gains of large superannuation accounts, a move previously labelled a "disaster" for the Australian tech and startup sectors.
Treasurer Jim Chalmers announced the backflip on Labor's planned reforms, which were first announced in 2023 and included a 15% tax on earnings for superannuation accounts above $3 million.
The plan had been labelled a "disaster" for the Australian tech and startup sectors.
The removal of the tax on unrealised gains follows widespread backlash.
Author's summary: Tax plan scrapped for superannuation accounts.