Treasurer Jim Chalmers’ superannuation tax changes affect the wealthiest and poorest Australians.
Approximately 8000 people with super balances above $10 million will pay additional tax, while 1.3 million lower-income earners will receive a top-up payment.
Labor’s original proposal was for an additional tax of up to 15 per cent on earnings of super balances worth more than $3 million.
