Twice the tax on top-end super accounts
It was confirmed yesterday that the top band of super over $3 million would be taxed at 30% up from 15% currently.
In the lead up to last years election PM Anthony Albanese said that there would be no changes to super, so many were caught by surprise with this measure. Treasurer Jim Chalmers is going to need more on the income side of the budget given a softening of the economic figures from the last quarter of 2022 and many thought that this might be the harbinger of other cost saving measures.
On RN Breakfast Anthony Albanese said an emphatic NO! with exclamation mark to the suggestion of a capital gains tax on the family home. Jim Chalmers offered tepid support to his Prime Ministers resolve at his press conference today leading to speculation as to where else he may look to prop up the budget.