Legislation for the new 30 per cent tax on superannuation balances above $3 million has been pushed beyond next month’s productivity roundtable, enabling a broader push for higher taxes at that summit to soften hostility towards the controversial proposal.
The division 296 tax, which will double from 15 per cent to 30 per cent the earnings tax on balances above $3 million, needs only the support of the Greens who are favourably disposed towards it.
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