A proposal to double taxes on superannuation funds with hefty balances will snatch about $80,000 from 50,000 Australians with self-managed super funds (SMSFs) and leave some struggling to meet their new payments.
A new report from the International Centre for Financial Services found Treasurer Jim Chalmers’ proposal to reduce tax concessions from 15 per cent to 30 per cent on super funds above $3m would hit up to 50,000 people with SMSFs.
Treasurer Jim Chalmers has defended the changes to tax concessions on superannuation as responsible budget repair that will not affect the vast majority of Australians. Picture: NCA NewsWire / Martin Ollman “More than 99.5 per cent of Australians will continue to receive the same generous tax breaks that help them save more for retirement through superannuation.
The 15 per cent rate will remain in place for all accounts below $3m, but will rise to 30 per cent from July 1, 2025 for balances above $3m. The change to tax concessions on super balances above $3m is expected to net the government an extra $2bn in the first year of implementation. Picture: April Fonti / AAP
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