Labor Revises $3m Super Policy
Labor has announced a revised superannuation plan, dumping the most contentious parts of the original $3 million super policy.
Treasurer Jim Chalmers made the announcement, following sustained warnings from industry, farmers, and economists that the measure risked punishing aspiration and distorting retirement planning.
- The original plan, known as the Division 296 tax plan, proposed a 15% levy on super balances above $3 million.
- The total tax rate would have been 30%.
- The tax would have applied to both realised profits and paper gains on assets, including property, farms, and family businesses held in self-managed super funds.
The measure risked punishing aspiration and distorting retirement planning.
Author's summary: Labor revises super policy after industry warnings.