The Coalition has accused the Albanese Government of planning to implement a “death tax dressed up as reform” as Labor battles growing discontent over its possible superannuation overhaul.
The government is facing its toughest challenge since taking office in May last year after Treasurer Jim Chalmers floated possible changes to Australia’s $3 trillion superannuation scheme.
“The rules exist, don’t touch the rules, people take long-term planning decisions for their retirement with the rules and they didn’t expect a greedy Labor government to come screaming for your money,” Mr Robert told Sky News Australia’s Business Editor Ross Greenwood. Mr Jones said it “beggars belief” that super balances valued at up to $100 million served as retirement funds, arguing the massive deposits were about “tax minimisation” and “estate management”.
In an exclusive interview to be aired on Sky News Australia’s Business Weekend program on Sunday at 11am AEDT, Mr Robert said the government’s attack on “estate planning” along with plans to cap large tax concessions amounted to an introduction of death duties. The Treasurer on Wednesday flagged caps of $3 million when talking about tax concessions and how the government needed to “work out where we get the most value for money when it comes to some of these tax concessions”.
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