Labor’s superannuation tax change would hit one in 10 Australians who are retiring in 30 years and will be calculated based on unrealised capital gain, the Finance Minister has revealed.
The centre-left government previously described its decision to double the tax on super accounts over $3 million, from 15 percent to 30 percent, as a “modest” move to boost the government’s budget bottom line. Treasurer Jim Chalmers said the tax, which is not indexed, would only affect 0.5 percent of the population or 80,000 people.
However, the latest estimate revealed the number of people captured by the new tax over time is more than 10 times higher than what Labor have disclosed, leading to criticism from the opposition about the lack of transparency….