Prime Minister Anthony Albanese has injected himself directly into the government’s contentious plan to raise taxes on large superannuation accounts, with the Treasury department revealing it is examining concerns raised about its impact on the economy and super funds.
Senior Treasury official Diane Brown told a Senate estimates hearing this afternoon that the prime minister’s office had talked to the department about the yet-to-be legislated changes.
Treasurer Jim Chalmers, in early 2023, announced an additional 15 per cent tax on income generated on super funds with balances of more than $3 million. Due to start from July 1 this year, the bill has yet to be legislated.
The change, expected to raise about $2.7 billion in revenue, must be supported by the Greens – the minor party is dem