Savers with $3m-plus super could pay double tax on earnings
Big balance superannuation savers, former judges and some senior bureaucrats could be taxed twice for earnings they make off their retirement savings under Labor’s plan to increase the tax on large pension accounts, lawyers and accounting experts warn.
Labor’s proposal to double the tax paid on earnings from balances in super accounts worth more than $3 million from 15 per cent to 30 per cent is currently before parliament.
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