Prime Minister Anthony Albanese stated from July 1 2025, Australians who’ve a superannuation stability over $3 million can be taxed at a concessional price of 30 per cent, up from 15 per cent.
“This proposal does not change the fundamentals of our superannuation system,” he stated.
“99.5 per cent of people with superannuation are unaffected by this reform.”
Albanese stated the adjustments will impression round 80,000 Australians.
The adjustments will come into impact after the following election and won’t be retrospective however relatively apply to future earnings.
Albanese stated the reform will make the nation’s $3.3 trillion tremendous system extra sustainable.
“The savings that are made from the reduction in these tax breaks will contribute $900 million to the bottom line over the forward estimates,” Albanese stated.
“And some $2 billion when it is operating on a full-year period.”
Source: www.9news.com.au
