Anthony Albanese and Jim Chalmers have both flagged potential future changes to tax breaks on the retirement savings of working Australians.
Anthony Albanese has left open the prospect of taking further changes to superannuation tax breaks to the next election, as Treasurer Jim Chalmers saidThe Prime Minister on Thursday defended Labor’s plans to tax earnings on balances above $3 million at 30 per cent, instead of the current 15 per cent, calling the plan announced last month “modest”.Alex Ellinghausen
Tony Greco, the Institute of Public Accountants’ general manager for technical policy, said the proposed methodology behind the tax calculation went against established tax principles. “And lastly, the worst aspect is that there is no refund if unrealised gains reverse as the loss needs to be carried forward.”Mr Greco said if an account holder dies, the tax dies as well if asset values don’t recover.The Tax Institute’s general manager of tax policy and advocacy, Scott Treatt, said the detail of the plan was concerning.
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