Committee backs $3m super tax cap for fairer retirement system

May 10, 2024 · A key point of contention for Hume is Labor’s plan to double the tax rate on superannuation funds with balances exceeding $3 million, which she said is a clear example of …

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Committee Backs $3m Super Tax Cap For Fairer Retirement System

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May 10, 2024 · A key point of contention for Hume is Labor’s plan to double the tax rate on superannuation funds with balances exceeding $3 million, which she said is a clear example of …

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Senate Committee Gives $3m Super Tax Bill The Green Light

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May 10, 2024 · The Greens said the additional tax should apply to super balances above $2 million, with the threshold indexed in line with inflation. “The scale of the inequity in the …

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The $3mil Super Cap: Debunking The Myths - Ulton

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Jul 23, 2024 · Myth 1: This is an additional tax on the income from super funds with a balance of over $3million. This is a tax on the "earnings" from a super fund, not just the income. …

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$3 Million Super Tax Coming Whether We’re Ready Or Not

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May 20, 2024 · A Senate Committee reported back last week with a majority recommendation to pass the $3 million super tax unaltered. It seems that the tax is coming, and this is what those …

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Think New $3m Super Cap Won’t Affect You? Here’s How It Could

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The government’s decision to introduce a $3 million cap on super balances above which earnings will be taxed at a higher rate has certainly got the hares running. At face value, this seems …

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Better Targeted Superannuation Concessions - Australian Taxation …

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Aug 13, 2024 · From 1 July 2025 tax concessions will be reduced for certain earnings for superannuation balances above $3 million. On 28 February 2023, the Australian Government …

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Government Releases $3m Super Tax Reform Draft Legislation

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Oct 3, 2023 · The consultation will close on 18 October 2023. Previously, Labor’s super tax legislation faced a roadblock from the federal Greens who announced its support for planned …

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Intello On LinkedIn: Senate Committee Supports $3m Super Tax Cap …

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Senate committee supports $3m super tax cap for fairer retirement system ... then you could be owed a further 20% or 25% back in tax relief. ... have been hard at work advocating for a …

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Final $3m+ Super Tax Legislation Draft Remains Unchanged

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As at June 2021, around 97.5 per cent of people with superannuation had less than $1 million in super, around 2 per cent between $1 million and $2 million, and 0.3 per cent between $2 …

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SMSF Members Cautioned Not To Act Propitiously Re $3m Cap

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Feb 22, 2024 · SMSF members cautioned not to act propitiously re $3m cap. February 22, 2024. SMSF Association Media Release. Self-managed super funds (SMSFs) should avoid knee …

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Retirement Plans - University Hospital

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July 2016 7.20%. July 2017 7.34%. July 2018 7.50%. Ten (10) year vesting based on credited service (years of pension contributions) Service Retirement- Age Requirements: may retire …

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FAQs about Committee backs $3m super tax cap for fairer retirement system Coupon?

Is the $3 million super tax coming?

A Senate Committee reported back last week with a majority recommendation to pass the $3 million super tax unaltered. It seems that the tax is coming, and this is what those affected should be doing now to prepare for it. Meg Heffron 20 May 2024 Article Page URL has been copied to clipboard for sharing. The opinions expressed here are the author’s. ...

Will a new tax bill create a fairer Retirement System?

A consumer advocate group and an industry fund association have welcomed the passage of a bill that will introduce tax changes for high-balance super accounts through the lower house, saying it is a step towards creating a fairer retirement system. ...

What can I do about the $3 million superannuation cap?

Planning and Advice Strategic planning to manage the impact of the $3 million superannuation cap. Re-balancing of member accounts based on an individual’s eligible contribution caps. Consideration of segregating high growth assets for accounting purposes. Estate planning opportunities. ...

Will the $3 million cap be indexed?

The decision not to index the $3 million cap is also raising eyebrows. Although the other caps will mitigate against very large balances in the future, for those entering the workforce today it’s estimated about 500,000 super balances will eventually breach the cap – about one-third of these super fund members are now under 30. ...

When will superannuation tax concessions be reduced?

From 1 July 2025 tax concessions will be reduced for certain earnings for superannuation balances above $3 million. On 28 February 2023, the Australian Government announced from 1 July 2025 a 30% concessional tax rate will be applied to future earnings for superannuation balances above $3 million. This measure is not yet law. ...

What happens if the government imposes a $3 million cap?

Here’s how it could Unintended consequences could include insurance payouts, non recourse property loans and even death benefits. The government’s decision to introduce a $3 million cap on super balances above which earnings will be taxed at a higher rate has certainly got the hares running. ...