Greens clear path for Labor’s $3 million superannuation tax
The Greens will support Labor’s super tax on balances above $3 million, making way for broader tax reforms in the May federal budget.
The Albanese government’s long-planned tax on large superannuation balances is set to pass parliament this week after the Greens agreed to support it without amendments.
The decision clears the way for the government’s Division 296 tax, which applies an additional 15% tax on earnings from superannuation balances above $3 million.
Treasurer Jim Chalmers first announced the measure in 2023 as part of efforts to make the super system “more sustainable and equitable”.
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