US Edition
The Moment the PM Decided to Pull the Pin on Chalmers’ Contentious Tax
The government will tax realised earnings on superannuation balances above $3 million with indexed thresholds up to $10 million to protect most Australians from extra tax.
- On Monday, Treasurer Jim Chalmers abandoned the unrealised capital gains tax plan and confirmed a realised gains tax starting July 1, 2026.
- Faced with industry pressure, accounting groups and the SMSF Association criticised the unrealised-gains proposal for taxing paper profits and penalising SMSFs holding farms or commercial property.
- Under the revisions, a 15% tax will be applied on realised gains above $3 million, while earnings on balances between $3 million and $10 million face 30% and above $10 million face 40%.
- Industry groups welcomed the decision, with the SMSF Association and CPA Australia praising scrapping the unrealised‑gains tax; the rejig and delay will cost $4.2 billion over four years.
- The government plans to expand LISTO on July 1, 2027, making 3.1 million eligible Australians and indexing both the $3 million and $10 million caps with CPI to ease bracket creep.
11 Articles
11 Articles
Sydney Morning Herald
The AgeThe moment the PM decided to pull the pin on Chalmers’ contentious tax
Monday’s backflip, revealed on Albanese’s first day of a week-long holiday, involved dropping a proposal to tax paper profits for people with more than $3 million in their super.
Treasury: Reforms to support low-income workers and build a stronger super system
On 13 October 2025, Treasury announced a boost to the Low Income Superannuation Tax Offset (LISTO). It also announced amendments to the Better Targeted Superannuation Concessions (BTSC) measure (also referred to as the $3m super tax Bill). The measure was first announced on 28 February 2023. From 1 July 2027, the LISTO will be boosted to give more support to low-income earners. Key changes include the: Income threshold will rise from $37,000 t…
region.com.au
psnews.com.auChalmers backflips on proposed super changes as he strives for greater fairness
Treasurer Jim Chalmers says the changes to the proposed super taxes will make the system fairer for all. Photo: Michelle Kroll. With the Prime Minister on leave this week, Treasurer Jim Chalmers has been left holding the bag to announce major changes to the Government’s proposed superannuation tax scheme. Labor’s plan to double the tax on earnings on superannuation above $3 million was taken to the last election. If applied, the new tax would ha…
Coverage Details
Bias Distribution
- 60% of the sources lean Left
Factuality
To view factuality data please Upgrade to Premium
