NomNomRichest super balances to be taxed at higher rates after Greens agree to back Labor plan
NathI have no idea why every news article on this matter makes it sound like everyone should be against these changes. Superannuation has for decades been a neat place to dump surplus salary to get it taxed at a lower income tax rate.
Under the superannuation tax changes, the concessional tax rate on earnings for balances between $3m and $10m will double from 15% to 30%.
Balances above $10m will be subject to a new, higher 40% rate.
Most of us are not affected by these changes. I truly, genuinely wish I were affected.
If you have $3m in Superannuation, with a standard 6% ROI annually, you could spend $180K of “earned interest” every year without ever touching your principal.