The government’s move to raise taxes on super balances of over $3 million is a modest change that addresses an obvious system inequity.
The changes are limited to about 88,000 people – with super balances that are higher than what is needed to fund their retirement income and will claim $2 billion a year in revenue from 2025.
In super, tax concessions are provided to individuals in exchange for savings being preserved until retirement, they are designed to encourage saving that is only for retirement income.
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