Why you need to be worried about Labor's new superannuation tax

Contributing sentiments towards policy:

52% : This plan, known as tax division 296, would force Australians with a self-managed super fund to sell assets like real estate to avoid having to pay the tax.
50% : 'Several factors influence this, including whether an individual is in the retirement or accumulation phase, the liquidity of assets held in superannuation, and whether an individual is in a defined benefit scheme.' Liberal MP Tim Wilson, who is leading the fight again Labor's superannuation tax as the Opposition decides on a new shadow treasurer, said it was hypocritical to only tax super in accumulated savings accounts A Treasury paper last year noted Labor was developing a policy to have the tax applied to defined benefit super schemes, but this issue was unresolved.
49% : That's because unlike most Australian workers, Anthony Albanese and new Liberal leader Sussan Ley are on a defined benefits superannuation scheme where retirement benefits are guaranteed - with recipients also including judges (NSW judiciary pictured), state MPs and many public servants Read More Why Albo's radical new $3million super tax is sparking frantic panic selling 'There's a formula which is calculated by actuaries and applied by the tax office in a way that is not inconsistent with the way it's currently calculated for some of the changes that my (Liberal) predecessor made.' Applying the tax to a defined benefits scheme would require finetuning of the bills first introduced in 2023 that the Senate last year declined to pass.
48% : The government is also proposing a new 15 per cent on unrealised gains tax above $3million, which would see a capital gains tax applied to super on the notional value of assets.

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