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Treasurer Jim Chalmers has announced six changes to the government’s controversial superannuation legislation, dropping the taxing of unrealised gains and bringing in indexing for balances above $3 million – changes business and economists have been pushing for since before the May election.
The government will establish a 40 per cent tax rate for earnings on balances above $10 million, while earnings on balances above $3 million will still be taxed at 30 per cent.
Treasurer Jim Chalmers.Credit: Alex Ellinghausen
The low-income super tax offset payment will also be raised from $500 to $810. Currently, those earning under $37,000 a year receive $500 from the government, directly deposited into their super account. From 2027, the threshold will be raised to an income of $45,000, and the deposit will be $810.
The announcement followed the news that Prime Minister Anthony Albanese had sought a briefing from Treasury on objections to the original super tax changes.
