Superannuation Tax Plan Scrapped
The federal government has scrapped plans to tax unrealised gains of large superannuation accounts, dubbed a "disaster" for the Australian tech and startup sectors.
Treasurer Jim Chalmers announced a backflip on Labor's planned reforms, initially introduced in 2023, which included a 15% tax on earnings for accounts over $3 million, including unrealised gains.
The plan's removal follows widespread backlash, bringing relief to the tech startup sector.
The plan had been labelled a "disaster" for the Australian tech and startup sectors.
Author's summary: Government scraps superannuation tax plan.