Australia: Consultation on changes relating to superannuation tax concessions

Treasury released for consultation exposure draft legislation that would enact changes relating to superannuation tax concessions

Consultation on changes relating to superannuation tax concessions

Treasury released for consultation exposure draft legislation that would enact the following changes relating to superannuation tax concessions announced in the 2023-2024 budget:

  • Reduction of the tax concessions for individuals with a total superannuation balance above $3 million* by imposing an additional 15% tax on certain earnings
  • Provisions relating to the calculation of earnings, withdrawals and contributions, modifications for earnings of certain constitutionally protected interests, debt deferral provisions for defined benefit interests in the pre-end benefit phase, and changes to the definition of total superannuation balance

Comments are due by 18 October 2023.

*$=Australian dollar

 

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