US EditionFears Super Tax Rise for Rich Will Whack Housing Market
- The Albanese government proposed in 2023 a 15% tax on earnings from superannuation accounts exceeding $3 million, known as Division 296, applying in Australia.
- This plan follows nearly three years of consultation and aims to target unrealised gains in large super balances, though critics dispute indexing and fairness aspects.
- The tax affects about 0.5% of superannuation accounts, roughly 80,000 individuals, and has raised investor concerns about possible reduced innovation funding and tax administration complexity.
- Finance Minister Katy Gallagher emphasized extensive consultations, while critics like Mr Eslake called the bill unfair and raised worries about taxing unrealised gains and asset shifts.
- The reforms are expected to pass the Senate with Greens support, but ongoing debate and unanswered questions suggest significant implications for superannuation's role and future tax policy.
Insights by Ground AI
Does this summary seem wrong?
13 Articles
13 Articles
All
Left
5
Center
Right
3
The AustralianReposted by 
Stockhead
StockheadTreasurer’s new super tax will hit more than forecast
·Australia
Read Full Article
Can Jim Chalmers fix his superannuation tax dilemma?
The Australian newspaper has ramped up its campaign against Labor’s plan to increase the tax on earnings from superannuation funds with balances greater than $3 million in the past week with three separate editorial columns. Henry Ergas questions the principle that superannuation is lightly taxed. To do so, he creates a mythical world in which the counterfactual is one in which earnings can accrue and compound without being taxed. That, of cours…
No, Labor’s super tax proposal won't cover all ‘paper profits’
A viral video has claimed the government's proposed tax changes on super balances of more than $3 million will apply to all unrealised gains. The post No, Labor’s super tax proposal won’t cover all ‘paper profits’ appeared first on SmartCompany.
Coverage Details
Total News Sources13
Leaning Left5Leaning Right3Center0Last UpdatedBias Distribution63% Left
Bias Distribution
- 63% of the sources lean Left
63% Left
L 63%
R 38%
Factuality
To view factuality data please Upgrade to Premium
