Aussie A-OK: Australians Ready for Super Tax Changes

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Australians are good to go on their new super tax changes – it’s time to get crackin’!

The Aussie public has embraced the government’s recent introduction of new superannuation reforms, with thousands ready and willing to take advantage of its unique opportunities.

On February 20th, the Conexus Financial Political Series breakfast was graced by Jim Chalmers, who used this opportunity to reveal draft wording relating to an objective for superannuation.

This goal included discussions about the fairness and sustainability of the system, which quickly turned to the tax breaks provided to superannuation funds – especially self-managed ones – with “excessive” savings.

In only eight days, Chalmers and minister for financial services Stephen Jones revealed that those with balances above $3 million would be subjected to less generous tax breaks.

“We’re hoping to see these changes implemented from July 1st this year,” Chalmers said.

“After all, these are the people who can least afford to pay tax, and we simply cannot continue to offer them such generous breaks when so many Australians struggle with their superannuation.”

Although the decision was made hastily, new research has revealed that citizens favour it.

CoreData Research’s survey of 6,830 Australian citizens over 18 was conducted on March 2nd, and a striking two-thirds majority voiced their support for government initiatives that target account balances above $3 million.

Furthermore, the majority of respondents (80%) agree that the superannuation tax proposal is a suitable method to levy taxes on high-income earners.

An overwhelming majority of respondents aged 55 and above are aware of the government’s proposed tax increase, with 90% confirming their knowledge. Even among those under 55, two-thirds understand the proposed legislation.

There appears to be a direct correlation between the size of one’s super account balance and their knowledge of the proposals, with 95% of those who had more than $200,000 in super indicating they were acquainted as opposed to 73% of respondents possessing less than $50,000.

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