The Greens want to abolish all tax concessions for superannuation balances above $1.9 million, setting up a fight with Labor over its planned changes.
Treasurer Jim Chalmers says he has no plans to stop the indexation of the $1.7 million balance transfer cap for retirees’ superannuation accounts, signalling the cap for tax-free earnings will rise to $1.9 million from July.
Retirees with amounts below the $1.7 million cap, plus any future growth in the balances, can earn tax-free earnings in the pension phase.The balance transfer cap for retirees is already legislated to be indexed to inflation to $1.9 million from July 1 this year and probably about $2 million by 2024.
“There’s nothing stopping a future government of either political persuasion deciding to lift the $3 million threshold.Advertisement “Instead of waiting until 2025, our proposal would take effect from July 1 this year. We also urge Labor to direct revenue from curbing these concessions towards helping those who need it most.”level and indexing could be prudent.
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.
'It's been a bad week for Chalmers': Senator slams Labor's super taxShadow finance Minister Jane Hume has snubbed Treasurer Jim Chalmers' national conversation on superannuation, while likening Labor's new super tax policy to 'trying to sell a dead horse'.
Read more »
Adam Bandt says Greens could support key Labor climate policy if fossil fuels developments pausedGreens leader says party will negotiate in good faith on proposals that deal with the ‘untenable’ opening of new coal and gas mines
Read more »
Tax sting: Why Chalmers might not stop at superThe Opposition and many others are asking the Labor government what’s next after they started tinkering with the superannuation rules this week.
Read more »
'We have got the balance right': PM gives Greens' super demands short shriftThe prime minister quickly dismisses calls from the Greens to expand the scope of the government's changes to superannuation tax concessions.
Read more »