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Treasurer Chalmers announces major superannuation changes

10 News First · Just In
10 News First
10 News First
Just In

Treasurer Jim Chalmers has announced a revised superannuation tax plan, softening earlier proposals after public backlash. The changes include new tax thresholds and added support for low-income earners, set to take effect next year if approved by parliament.

Breakdown
  • Government announces major changes to superannuation tax policy after criticism. 8s
  • New tax rates set at 30% for balances over $3 million and 40% over $10 million, applying only to future realised earnings. 30s
  • Both tax thresholds will now be indexed. 38s
  • Low income super tax offset will increase from $500 to $800 for workers earning under $45,000 from 2027. 54s
  • Changes will cost $4 billion in lost revenue, mostly due to delayed implementation. 1m 27s
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