Superannuation Tax Plan Scrapped
The federal government has scrapped plans to tax unrealised gains of large superannuation accounts, a move that had been labelled "disaster" for the Australian tech and startup sectors.
Treasurer Jim Chalmers announced a significant backflip on Labor's planned reforms, which were first announced in 2023. The plan had included a 15 per cent tax on earnings for superannuation accounts above $3 million, including unrealised gains.
The plan had been labelled a "disaster" for the Australian tech and startup sectors.
The removal of the tax on unrealised gains comes after widespread backlash. The tech startup sector has breathed a sigh of relief following the announcement.
Author's summary: Tax plan scrapped due to backlash.
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