A leading fund manager is one of many in the business world rejoicing after Treasurer Jim Chalmers dumped controversial elements of Labor’s super tax on accounts above $3m.

Mr Chalmers on Monday said the government will lift the tax rate to 30 per cent on super accounts between $3 million and $10 million, but will also impose a 40 per cent tax above the $10 million threshold.

Labor will also scrap its controversial plan to tax unrealized gains and will index the thresholds to inflation.

The backflip was praised by an outspoken critic of Labor’s super tax Geoff Wilson, the chairman of Wilson Asset Management.

Mr Wilson told SkyNews.com.au the continuous outcries from the business community over the policy had clearly broken through.

“Obviously the driving factor (is) that someone in e

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