Prime Minister Anthony Albanese and other veteran public officials eligible for defined benefit pensions will be able to defer payments of the new superannuation tax on high-value retirement savings until they retire.
In contrast, ordinary super fund members and self-managed super fund members will be forced to find the cash to pay the annual tax immediately on earnings from account balances of more than $3 million, during both their working lives and retirement.
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John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
Joyce Moullakis writes on banking and finance, specialising in investment banking, private equity, and financial services. Connect with Joyce on Twitter. Email Joyce at joyce.moullakis@nine.com.au
