Earlier this week, Prime Minister Anthony Albanese suggested that Labor would negotiate with the Coalition on superannuation reforms, raising the prospect that it would abandon its proposal to tax unrealised capital gains.
However, Treasurer Jim Chalmers on Wednesday slammed the door on that notion, stating that Labor would strike a deal with the Greens that includes taxing unrealised gains on superannuation balances above $3 million without indexation.
Under the Labor proposal, the earnings tax on super balances of at least $3 million will increase from the current 15% to 30% and would be applied to unrealised ‘paper profits’.
