The Greens will push Labor to lower the threshold at which its new superannuation tax kicks in from $3 million to $2 million and limit the ability of self-managed super funds to borrow to invest in property in return for their support for the measure.
Citing Australian Taxation Office data, the Greens argue that setting the threshold at $2 million will capture an additional 24,000 accounts but still only hit “the wealthiest 1 per cent”.
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Michelle writes about wealth from our Sydney newsroom. She has more than 20 years of experience as a business journalist and is the author of Money Queens: Rule your Money, an award-winning personal finance book for teenage girls. Email Michelle at michelle.bowes@afr.com
