Government plans to raise the tax rate on superannuation accounts valued at more than $3 million have suffered a blow, with key Senate crossbenchers opposed to the taxation of unrealised gains.
The government will use its numbers to push the legislation through the House of Representatives this sitting fortnight, and then wants it through the Senate after parliament resumes in August.
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Phillip Coorey is the political editor based in Canberra. He is a two-time winner of the Paul Lyneham award for press gallery excellence. Connect with Phillip on Facebook and Twitter. Email Phillip at pcoorey@afr.com
