Opinion
How the $3m super tax will work
Not all the ‘earnings’ over the threshold will get taxed at 15 per cent, just a percentage – depending on how much of your balance exceeds the cap each year.
Meg HeffronContributorFor most of this year, the big news in super has been the government’s plan to reduce tax breaks for members with large super accounts of more than $3 million.
The proposal has been widely criticised. Not because it will make people who are comfortably off pay more tax, but because of the way it is worked out. Draft legislation released on Tuesday makes it clear that the government is still committed to its very unpopular method.
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