More than 500,000 Australians are likely to pay the federal government's proposed superannuation tax increase over the coming decades. 9News
The new analysis by the Financial Services Council today comes as the Albanese government faces heavy criticism from the opposition and industry bosses over the proposed changes to super.balances above $3 million will have their concessional rate doubled from 2025.New analysis estimates the new super tax could one day hit six times the workers the government claims.
Prime Minister Anthony Albanese said the change would impact about 80,000 people but the FSC, which represents big retail super funds, found six times as many Australians could be affected. "Leaving the cap stuck at $3 million will mean that in today's dollars, a 30-year-old will have a real cap of around $1 million, calling into question the intergenerational fairness of an unindexed cap," FSC chief executive Blake Briggs said.
Albanese said earlier this week the reform will make the country's $3.3 trillion super system more sustainable.Treasurer Jim Chalmers and Prime Minister Anthony Albanese have defended the superannuation changes against fierce criticism.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tsuburaya Fields Holdings up 500 per cent topping Tokyo stock exchangeTsuburaya Fields Holdings was the best-performing share on the Tokyo stock exchange over the past 12 months, according to Sky News Business Editor Ross Greenwood. “From responsible money management to the complete and utter opposite,” he said. “As Japanese people came out of lockdown, they stormed back to the pachinko parlours in their droves. “Tsuburaya's profit jumped 300 per cent in the course of the past year.”
Read more »
New data reveals how Aussies could be affected by super changes by 2052New modelling has flagged concerns more Australians could be affected by Labor's tax on superannuation as the Albanese Government rules out introducing indexation on the $3 million cap.
Read more »
Aussies ‘absolutely horrified’ by worst possible start: ‘Oh my goodness me’Australia had a nightmare in the opening four balls of the third Test, blowing two chances. INDvAUS 7NEWS
Read more »
Aussies' 'diabolical' missed reviews in crazy overThe Aussies gifted India's skipper two lives in an astonishing first over. 😲 9WWOS INDvAUS Cricket
Read more »