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Australian Treasurer Jim Chalmers announced significant changes Monday to the government’s controversial superannuation tax policy, introducing a tiered structure and indexing provisions after two years of sustained criticism from economists and political opponents. The revised plan imposes a 30 percent tax on superannuation accounts between $3 million and $10 million, and 40 percent on accounts exceeding $10 million, while indexing the threshold and applying taxes only to realized gains rather than unrealized portfolio growth. Chalmers told reporters in Canberra that Cabinet approved six major modifications, including “one entirely new element,” based on extensive feedback since the policy’s initial proposal.
The changes represent a substantial policy retreat for the Albanese government and will cost the federal budget approximately $4.2 billion over the forward estimates,.halmers, who previously refused to amend the proposal despite heavy criticism, made the announcement while Prime Minister Anthony Albanese was out of the country on holiday. The shift to taxing only realized gains addresses what critics characterized as a fundamental design flaw in the original policy, which would have taxed unrealized portfolio appreciation and failed to account for inflation through indexation..
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