Jim Chalmers pushes ahead with $3 million superannuation tax …

Oct 2, 2023 · Treasurer Jim Chalmers proposed the move in February, which will double the tax from 15 per cent to 30 per cent on earnings from superannuation balances over $3 million. “A …

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Jim Chalmers Pushes Ahead With $3 Million Superannuation Tax …

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Oct 2, 2023 · Treasurer Jim Chalmers proposed the move in February, which will double the tax from 15 per cent to 30 per cent on earnings from superannuation balances over $3 million. “A …

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Superannuation Tax Breaks | Treasury Ministers

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Feb 28, 2023 · This will continue for all superannuation accounts with balances below $3 million. From 2025‑26, the concessional tax rate applied to future earnings for balances above $3 …

treasury.gov.au

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$3 Million Super Tax Draft Laws To Be Unveiled - The Sydney …

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Oct 2, 2023 · According to new Tax Office data, the number of Australians with superannuation balances of more than $100 million increased from 17 in 2019-20 to 28 in 2020-21.

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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. From 1 July 2025 tax concessions will be reduced …

ato.gov.au

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Superannuation Tax: Jim Chalmers Rejects Paul Keating And …

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Aug 26, 2024 · The proposal to double the tax on earnings on the portion of super accounts over $3 million has been slammed because the $3 million threshhold will not be indexed, and it will …

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Superannuation Sting: Jim Chalmers Takes Aim At Tax - Financial …

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Mar 2, 2023 · The super tax change is forecast to raise an annual $2.3 billion after its first full year of operation in 2025-2026, and to steadily climb in years ahead as more balances top the $3 …

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Chalmers Defends 'modest' Super Tax Backflip On Wealthy Funds

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Treasurer Jim Chalmers defends 'modest' super tax backflip on wealthy funds ... super funds with a balance above $3 million will be taxed at a concessional rate of 30 per cent, up from 15 per …

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Superannuation Explained: What Changes Are Being Proposed To …

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Feb 28, 2023 · Albanese and Chalmers announced on Tuesday that from July 1 2025, Australians who have a superannuation balance over $3 million will be taxed at a concessional …

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‘Of Course We Can’: Jim Chalmers Defends ‘modest’ Change To ...

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Mar 1, 2023 · Labor on Tuesday announced that super funds, from the start of the 2025-26 financial year, valued at more than $3 million will not benefit from generous tax concessions …

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Superannuation Tax Breaks - Jimchalmers.org

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This will continue for all superannuation accounts with balances below $3 million. From 2025‑26, the concessional tax rate applied to future earnings for balances above $3 million will be 30 …

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Labor Hints At $3m Super Cap, But No Other Changes - Financial …

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Feb 22, 2023 · Treasurer Jim Chalmers has hinted at reining in tax breaks for superannuation balances over $3 million in the May budget, while assuring the vast bulk of savers of no …

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Labor Defends Potential Superannuation Changes That Coalition …

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Feb 26, 2023 · Treasurer Jim Chalmers wants what he's calling a national conversation on superannuation concessions given to account balances with more than $3 million.. Fewer than …

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Super Tax Breaks To Be Reduced For Accounts With More Than $3 …

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Oct 10, 2023 · In February 2023, in an effort to head off a bruising ‘super war’ ahead of the May 2023 Budget, the Albanese Government announced it planned to introduce a new earnings …

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‘One Fact Stands Out’: Chalmers Targets Tax Breaks For Super

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Feb 20, 2023 · Treasurer Jim Chalmers wants to first nail down the objective of superannuation, but inevitably a more ferocious debate awaits him on the $50 billion of annual tax breaks for …

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FAQs about Jim Chalmers pushes ahead with $3 million superannuation tax … Coupon?

What does Jim Chalmers want to do about superannuation?

Treasurer Jim Chalmers wants to first nail down the objective of superannuation, but inevitably a more ferocious debate awaits him on the $50 billion of annual tax breaks for super. Chalmers admitted as much in a significant speech on Monday about the future of the $3.3 trillion superannuation pool. ...

Why did Treasurer Jim Chalmers release draft superannuation tax changes?

Under pressure over the cost-of-living burden facing ordinary Australians, Chalmers used the release of draft laws covering the government’s tax plan to accuse opponents of siding with wealthy individuals using the superannuation system to manage their tax affairs. Treasurer Jim Chalmers will release his draft superannuation tax changes on Tuesday. ...

Will superannuation accounts get tax breaks?

The 0.5 per cent of individuals with superannuation accounts over $3 million will receive less generous tax breaks for balances that are beyond what is necessary to fund a comfortable retirement. The Government will introduce enabling legislation to implement this adjustment as soon as practicable. ...

Will tax concessions on large superannuation balances be reined in?

The Government has struck a reasonable compromise in its desire to rein in the cost of tax concessions on large superannuation balances. Treasurer Jim Chalmers has announced that from 1 July 2025, taxation on earnings from superannuation balances in excess of $3 million will double to 30%. ...

Will a tax change affect superannuation?

Treasurer Jim Chalmers said the change would not affect the core of the super scheme. "There will still be generous tax concessions for everybody in the superannuation system, just a little bit less generous for the half a per cent of people who have more than $3 million in their super," he said. ...

How many people will benefit from a superannuation adjustment?

This is expected to apply to around 80,000 people, and they will continue to benefit from more generous tax breaks on earnings from the $3 million below the threshold. This adjustment does not impose a limit on the size of superannuation account balances in the accumulation phase. ...