Amid debate around the Albanese government’s changes to superannuation policy affecting wealthier individuals, it has been revealed one person has an eye-watering super balance.
SBS NewsQuestions are swirling over the identity of the person with a super fund that has a balance of $544 million.
In a report last year, ASFA identified 27 SMSFs which held more than $100 million each in assets in the 2019 financial year, including the sole mega-fund that had $544 million.tax rate for super balances of more than $3 million from 15 per cent to 30 per cent from July 2025Social media has been awash with jokes about who the mystery mega-account owner could be - with both Ms Rinehart and Mr Smith telling media outlets it’s not them.
Susan Thorp, a Professor of Finance at the University of Sydney, said it would be “a serious breach of privacy” if the mystery account holder's identity was revealed.So how does one even manage to accumulate such an amount? “And there have been times in the past when people have been able to make large contributions and transfers or rollovers into funds.”
"The Howard government abolished the taxation of any super withdrawals for most people, and instead we introduced limits on how much you could put in [to one's super]," he said."It's probably the most egregious tax change I've seen in the last three decades." The mystery person was also likely paying no tax on their hefty super balance until 2016, when former prime minister Scott Morrison introduced the transfer balance cap, a 15 per cent tax rate on those whose super funds amount to more than $1.6 million.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
LIVE: Khawaja the key amid Australian collapseCam Green hits his FIRST ever Test century! 💪💪 Soak it in young man, that's a special achievement! 🙌 LIVE: 9WWOS Cricket INDvAUS
Read more »
Albanese declares India a ‘top tier’ security partnerAnthony Albanese praised the defence relationship between Australia and India following a tour of the INS Vikrant, where the Prime Minister was pictured in the cockpit of a fighter jet.
Read more »
Albanese urged to consider trialling four-day work weekThe Albanese government has been called on to trial a four-day work week, among a list of major workplace reforms, in a bid to improve productivity, health and wellbeing and work-life balance.
Read more »
India's Narendra Modi calls on Albanese to combat Sikh attacks on Hindu temples in AustraliaIndia's Prime Minister Narendra Modi is urging Australia to protect Hindu temples after several were vandalised by supporters of a Sikh separatist group seeking to form an independent state.
Read more »
Albanese to sign agreements with Modi, but won't be drawn on India-Russia tiesPrime Minister Anthony Albanese will sign multiple agreements with his Indian counterpart across three subject areas, including defence, but has refused to be drawn on the Asian nation's military ties with Russia amid the invasion of Ukraine. 9News
Read more »
Albanese to sign agreements with Modi, but won't be drawn on India-Russia tiesPrime Minister Anthony Albanese will sign multiple agreements with his Indian counterpart across three subject areas, including defence, but has refused to be drawn on the Asian nation's military ties with Russia amid the invasion of Ukraine. 9News
Read more »