Actually, Gen Z Stand to Be the Biggest Winners From the New $3 Million Super Tax

Actually, Gen Z stand to be the biggest winners from the new $3 million super tax

Rather than being the biggest losers from super tax rates not being indexed to inflation, younger Australians are the biggest beneficiaries.

Politicians to pay super tax later than others

Anthony Albanese and other public officials with defined benefit pensions can defer payments of the higher levy on retirement savings until they retire.

Gen Z stand to be the biggest winners from the new $3 million super tax

Actually, Gen Z stand to be the biggest winners from the new $3 million super tax Brendan Coates, Grattan Institute and Joey Moloney, Grattan Institute As debate rages about the federal government’s plan to lift the tax on earnings on superannuation balances over A$3 million, it’s worth revisiting why we offer super tax breaks in the first place, and why they need to be reformed. Tax breaks on super contributions mean less tax is paid on super …

Labor’s Superannuation Changes: What Division 296 Means for High-Balance Super Holders

Australia’s superannuation landscape is on the brink of a significant shake-up. Under the Albanese government’s proposed Division 296 legislation, individuals with superannuation balances over $3 million could soon face a doubling in the tax rate on their earnings, from 15% to 30%. What Is Division 296? Division 296 is part of the federal Labor government’s efforts to reform the taxation of large superannuation accounts. Scheduled to take effect…