Turnbull's federal budget puts paid to multimillion-dollar super balances
What the government giveth during the (mining) boom times, it can just as quickly take away when reality sets in - and the need to create a fairer tax system prevails.
Multimillion-dollar superannuation accounts will soon be a thing of the past.
In a series of sweeping reforms that effectively unwind Peter Costello's generous 2006 budget, Treasurer Scott Morrison will not only severely curtail the amount of money that Australians can pump into the tax-friendly super system, but he will force the wealthiest savers to remove money from their tax-free private pensions.
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