Government Scraps 'Disastrous' Superannuation Tax Plan
The federal government has abandoned its plans to tax unrealised gains of large superannuation accounts, a move that had been heavily criticized by the Australian tech and startup sectors.
Treasurer Jim Chalmers announced the backflip on Labor's planned reforms, which were first introduced in 2023. The original plan included a 15% tax on earnings for superannuation accounts over $3 million, including unrealised gains.
The plan had been labelled a "disaster" for the Australian tech and startup sectors.
The removal of the tax on unrealised gains has been welcomed by the tech startup sector, which had expressed concerns about the potential impact of the plan on investment and growth.
Author's summary: Government scraps tax plan.