Tag: tax planning book
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Division 296 Tax Plan Sparks Wealthy Exodus Concerns in Australia
Australia’s Division 296 Tax Plan is causing a stir in the financial landscape, particularly for those with high-balance superannuation accounts. The plan, set to be implemented on July 1, 2025, introduces a 15% charge on superannuation earnings exceeding A$3 million, effectively creating a 30% tax rate above the threshold. What’s grabbing headlines is the inclusion…
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Tax Expert Criticizes Wealthy Backlash Against Labor’s Super Plan
Leading tax expert Paul Tilley has criticized the backlash from wealthy Australians against Labor’s plan to adjust super concessions for balances exceeding $3m. Tilley, a former senior Treasury official, highlighted the equity issues within the super system that necessitate reforms to address the imbalance. Superannuation and Taxation: A Practical Guide to Saving Money on Your…
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Labor’s Superannuation Tax Plan Sparks Economic Concerns
Labor’s proposed superannuation tax plan, targeting accounts with balances exceeding $3 million, is causing a stir among economists and experts. While initially perceived as a measure aimed at the wealthy, the plan’s implications could extend far beyond that demographic. The extra 15 per cent tax rate on superannuation earnings, slated to take effect from 1…