The changes, which will not come into effect until 2025-26, will apply to around 80,000 people
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The Albanese government will cut tax concessions on super accounts with more than $3m, promising to legislate this term for a change to take effect in 2025.
From 1 July that year, superannuation on balances above $3m will be taxed at a rate of 30%, up from the current concessional rate of 15%.
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Continue reading…The changes, which will not come into effect until 2025-26, will apply to around 80,000 peopleFollow our Australia news live blog for the latest updatesGet our morning and afternoon news emails, free app or daily news podcastThe Albanese government will cut tax concessions on super accounts with more than $3m, promising to legislate this term for a change to take effect in 2025.From 1 July that year, superannuation on balances above $3m will be taxed at a rate of 30%, up from the current concessional rate of 15%.Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup Continue reading…