Guardian Australia's analysis reassures wealthy Australians about Labor's proposed extra 15% tax on earnings from superannuation balances exceeding $3 million. For a retiree with $3 million, the additional tax would be $2,355, representing less than 1% of an annual income over $170,000. Even for those with $5 million, the extra tax of around $25,000 still leaves nearly $270,000 annually. The article contrasts these figures with median Australian salaries and 'comfortable' retirement incomes, arguing the impact is minimal for the wealthy.
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TL;DR: Key points with love ❤️Guardian Australia's analysis reassures wealthy Australians about Labor's proposed extra 15% tax on earnings from superannuation balances exceeding $3 million. For a retiree with $3 million, the additional tax would be $2,355, representing less than 1% of an annual income over $170,000. Even for those with $5 million, the extra tax of around $25,000 still leaves nearly $270,000 annually. The article contrasts these figures with median Australian salaries and 'comfortable' retirement incomes, arguing the impact is minimal for the wealthy.
Trending- 1 Labor proposes an extra 15% tax on earnings from super balances over $3m.
- 2 Guardian Australia conducts analysis on the impact.
- Wealthy Australians with super balances over $3m will pay a small additional tax, but their high income will remain largely unaffected.
- The policy aims to make the super system 'fairer.'
What: Analysis of the impact of Labor's proposed extra 15% tax on earnings from superannuation balances over $3 million.
When: Current proposal, future impact on retirees.
Where: Australia.
Why: To explain the financial impact of the proposed tax and alleviate concerns for high-balance superannuation holders, while highlighting the disparity with average incomes.
How: Through financial analysis and comparison with median salaries and 'comfortable' retirement incomes.