A heated debate over unrealised gains is sparked by Australia's $3 million superannuation tax.

Labour continues to implement the contentious Division 296 tax in spite of growing industry and cross-party opposition.

Credit: Daniel Mulino MP FB page

The Albanese government's proposal to tax unrealised capital gains in superannuation accounts over $3 million has become a pivotal point in tax policy as Australia struggles with budgetary constraints and an ageing population. Other gains outside of the superannuation environment may be subject to an unrealised tax in subsequent years as a result of the measure, known as the Division 296 tax, which experts describe as a significant step in Australian tax law.

In a contentious interview with Sky News Australia, Assistant Treasurer Daniel Mulino defended the government's superannuation tax proposals, denying worries about taxing unrealised gains while admitting that financial planners and industry associations strongly oppose the policy.

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