Labor Revises Super Policy
Labor has announced a revised superannuation plan, ditching the most contentious parts of its original $3 million super policy.
Treasurer Jim Chalmers made the announcement, following pressure from industry, farmers, and economists who warned that the measure could punish aspiration and distort retirement planning.
Original Proposal
The original proposal, part of Labor's Division 296 tax plan, would have imposed an additional 15% levy on super balances above $3 million, bringing the total tax rate to 30%.
- The tax would have applied to both realised profits and paper gains on assets such as property, farms, or family businesses held in self-managed super funds.
The measure risked punishing aspiration and distorting retirement planning.
The revised plan is seen as a win for landholders and is described as "more equitable" by Labor.
Author's summary: Labor revises super policy after industry pressure.