The government is trying to dampen fears about super changes while the Coalition seeks to ramp them up. Jim Chalmers says the changes are modest and fair and worth the battle, but the claimed casualties are mounting.
until the May budget, it seems unlikely confusion over how this is applied could be answered much better. A treasurer calling it a “simple choice” certainly doesn’t make it so.
But the novel concept of taxing unrealised gains annually will be tougher still – even if it might appear like a convenient budget oasis to a Treasury department that has never been in favour of super tax concessions. In the interests of simplicity, the big super funds preferred the government to just announce a hard cap on the amount that could be kept in super, relieving them of the responsibility. The government decided to opt instead for its “modest” change that it emphasises will only affect 0.5 per cent of people with super.to ensure they have enough liquid assets or money outside super by the time the change takes effect after the election. Or to make alternative tax effective investments.
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