Capping superannuation balances at $3 million looks as the most likely change at the May budget.
in the May budget, while assuring the vast bulk of savers of no change to concessional tax rates, including for incomes up to $250,000.
, which is the extra tax for higher earners, Dr Chalmers said, “that’s not something that we’ve been proposing or considering either”. “They have access to a whole bunch of tax concessions, and I think the point that Grattan has made repeatedly over a period of time… is we’ve got to work out where we get the most value for money when it comes to some of these tax concessions.”Dr Chalmers said the almost $50 billion annual cost for tax concessions on super were “not cheap”.“We can’t ignore the cost of these tax concessions with all of the other pressures which are on the budget,” he said.
“We certainly like the idea of having an objective to support having stability going forward, but we don’t think it should be a smokescreen for changing taxes or laws ... especially as [Labor] said before the election that they wouldn’t make major changes,” he said.
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