US EditionWill the New Super Tax Mean My Franking Credits Are Taxed Twice?
- Labor proposed a 30 per cent tax on superannuation balances exceeding $3 million to apply under the current parliament conditions.
- The government must negotiate with other parties since Labor lacks a Senate majority, with discussions focusing on indexation and excluding unrealised gains like property.
- The Coalition opposes the tax as poorly designed but remains open to negotiations if indexation is included and unrealised gains are excluded from taxation.
- About 80,000 Australians with super balances over $3 million, mostly retired, would pay an additional 15 per cent tax on earnings above this threshold, converting roughly to $25,000 extra for a $4 million balance with $500,000 earnings.
- Uncertainty remains on taxing unrealised capital gains separately from eventual capital gains tax, raising concerns about possible double taxation without adjustments or credits.
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19 Articles
19 Articles
All
Left
4
Center
1
Right
4
Coverage Details
Total News Sources19
Leaning Left4Leaning Right4Center1Last UpdatedBias Distribution44% Left, 44% Right
Bias Distribution
- 44% of the sources lean Left, 44% of the sources lean Right
44% Right
L 44%
11%
R 44%
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