Superannuation Tax Plan Scrapped
The federal government has scrapped plans to tax unrealised gains of large superannuation accounts, dubbed a "disaster" for the Australian tech and startup sectors.
Treasurer Jim Chalmers announced a backflip on Labor's planned reforms, removing the 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 decision follows widespread backlash against the plan, which was first announced in 2023.
Author's summary: Government scraps superannuation tax plan.