Source: AAP/Lukas Coch
Raising the tax rate on superannuation balances above $3 million will affect “many mum and dad businesses” which hoped to sell up for retirement, National Party leader David Littleproud says, as accountants warn of significant tax implications for successful entrepreneurs nearing the end of their professional lives.
Federal Treasurer Jim Chalmers on Tuesday announced a major shift to the taxation of superannuation funds in their accumulation phase, saying earnings from balances above $3 million will be taxed at 30%, instead of the current concessional rate of 15%.
“The modest adjustment we announce today means 99.5 percent of Australians with superannuation accounts will continue to receive the same generous tax breaks, and the 0.5
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