Labor’s Super Tax Will Capture 1 in 10 Australians in 30 Years, Treasure’s New Estimate Shows

Labor’s Super Tax Will Capture 1 in 10 Australians in 30 Years, Treasure’s New Estimate Shows
Finance Minister Katy Gallagher and Treasurer Jim Chalmers during a doorstop at Parliament House in Canberra, Australia, on May 11, 2021. Sam Mooy/Getty Images
Updated:

Labor’s superannuation tax change would hit one in 10 Australians who are retiring in 30 years and will be calculated based on unrealised capital gain, the Finance Minister has revealed.

The centre-left government previously described its decision to double the tax on super accounts over $3 million, from 15 percent to 30 percent, as a “modest” move to boost the government’s budget bottom line. Treasurer Jim Chalmers said the tax, which is not indexed, would only affect 0.5 percent of the population or 80,000 people.

Nina Nguyen
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Nina Nguyen is a reporter based in Sydney. She covers Australian news with a focus on social, cultural, and identity issues. She is fluent in Vietnamese. Contact her at [email protected].
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