Jim Chalmers unveils specific superannuation changes
Jim Chalmers finally reveals the specific changes he is making to the nation’s retirement system, revealing for the first time how the new system will work.
- Treasurer Jim Chalmers describes the super crackdown
Treasurer Jim Chalmers has revealed that Australians with more than $3m in retirement savings will no longer be able to afford a favorable tax rate.
Australians can deposit up to $27,500 a year into their super and pay a low tax rate of just 15 per cent.
But from 2025-26, Labor wants those with more than $3m in their super to pay a higher tax rate of 30 per cent.
Treasurer Jim Chalmers has revealed that Australians with more than $3m in retirement savings will no longer be able to afford a favorable tax rate