Labor to pass super tax changes with support of Greens
Consensus Summary
The articles cover the topic of Labor passing legislation to increase the tax on superannuation balances above $3 million, with the support of the Greens. The key facts reported across the sources include the tax rates on different balance thresholds, the increase in the low-income superannuation tax offset, and the number of people affected. The sources also provide some additional details, such as the expected revenue from the new tax and the Greens' desire for Labor to pursue further tax reform in the upcoming budget. Overall, the articles present a consistent story of Labor securing the Greens' support to pass the superannuation tax changes.
✓ Verified by 2+ sources
Key details reported by multiple sources:
- Labor will pass legislation to increase the tax on those with super balances above $3 million, ending a years-long stalemate
- The tax bill will pass the Senate this week without amendment, after Labor secured the support of the Greens
- Balances above $10 million will be taxed at 40%
- The low-income superannuation tax offset will increase from $500 to a maximum of $810 and will be paid to anyone with taxable income up to $45,000
Points of Difference
Details reported by only one source:
- Jim Chalmers has thanked the Greens for engaging constructively
- The method for enacting the tax was also controversial because it would have captured "unrealised" gains in the value of any assets held in super funds, which the current 15% earnings tax does not
- In 2028–29, the new version of the tax will raise $2 billion, whereas the old proposal would have raised $2.5 billion
- The Greens treasury spokesperson, Nick McKim, said the decision to support the watered-down package was a green light for Labor to pursue "bold reform" in the upcoming federal budget, including scaling back the capital gains tax discount and negative gearing
- Labor is considering winding back the 50% capital gains tax discount and potentially capping the number of properties that can be negatively geared as it weighs options to address international inequality in the housing market
- Some 90,000 people would be affected or 0.3 per cent of super account holders
- The legislation would also expand the threshold for the low-income superannuation tax offset (LISTO) to $45,000 or the second tax bracket, covering an extra 1.3 million workers
Source Articles
Labor to pass super tax changes with support of Greens
The legislation comes as speculation builds that the federal government will pursue more ambitious tax changes in the May budget.
Richest super balances to be taxed at higher rates after Greens agree to back Labor plan
Greens say support for superannuation tax changes is a ‘down payment’ on Labor pursuing genuine reform in 12 May federal budget Follow our Australia news live blog for latest updates Get our breaking news email , free app or daily news podcast Labor’s plan to raise the tax rate on the largest super balances will become law after the Greens agreed to wave it through the Senate, ending a three-year political fight over concessions for wealthier retirees. The Greens treasury spokesperson, Nick McKi
Greens give super reforms Senate pathway
Labor will pass legislation to increase the tax on those with high-end super balances, after a major deal with the Greens.
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