Our submission on the extra 15% tax for super balances over $3m
On 17 April 2023, the Institute of Financial Professionals Australia (IFPA) provided its submission on the proposed extra 15% tax on total superannuation balances above $3m. We do not believe that the government’s extra 15% tax proposal is the correct way to make the…
On 17 April 2023, the Institute of Financial Professionals Australia (IFPA) provided its submission on the proposed extra 15% tax on total superannuation balances above $3m. We do not believe that the government’s extra 15% tax proposal is the correct way to make the superannuation system fair and equitable for all Australians. If the tax settings must change for larger balances, we believe there are other options that can deliver a fairer superannuation system for all Australians. The obvious approach is for the extra 15% tax to be applied to actual taxable income (not unrealised gains). However, if the government retains its proposed measure, we strongly recommend changes are made to make the proposal equitable and fair.
Read the full submission and media release here.
