Tag: retirement savings account
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Superannuation Tax Debate Intensifies Amid Political Upheavals
The debate over superannuation tax has intensified as the Coalition’s shadow ministry was unveiled. The government’s proposal to increase taxes on superannuation balances exceeding $3 million has sparked criticism and comparisons to past political promises. However, this tax adjustment had been on the agenda for more than two years, with Treasurer Jim Chalmers outlining the…
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Keating’s Superannuation Vision Threatened by Chalmers’ Tax Proposal
Former Prime Minister and Treasurer Paul Keating’s superannuation vision is facing a significant challenge from current Treasurer Jim Chalmers’ proposed tax on unrealised gains within superannuation balances exceeding $3 million. Keating, alongside union leader Bill Kelty, laid the groundwork for Australia’s compulsory superannuation system in the early 1990s, aiming to create a robust retirement savings…
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Australian Superannuation Funds Hacked, $500k Lost, Data Compromised: ASFA
Hackers targeted Australian superannuation funds, resulting in a data breach that saw a small number of customers losing a combined $500,000 and compromising members’ data, according to the industry’s peak body. The Association of Superannuation Funds of Australia (ASFA) stated that hackers attempted to breach the cyber defenses of several superannuation funds over the weekend.…