[2023-03-02] Labor's superannuation change is 'too complicated' and a 'tax nightmare' - Australia

Labor's superannuation change is 'too complicated' and a 'tax nightmare'

Thursday, March 2, 2023

Clime Investment Management Chairman John Abernethy says he doesn’t believe the government’s tax increase to super balances over $3 million will happen.

“Because it’s too complicated,” he told Sky News Business Editor Ross Greenwood.

“You’ve got a pension going up to $1.9 million in assets – so that’s the tax-free pension.

“Above that, you go into a 15 percent accumulation, and above $3 million, you go into a 30 percent tax bracket, all taxed on income.

“So how’s that going to be worked out? This is going to be a tax nightmare.”