Australian Labor Passes Super Tax, Boosts Low-Income Offset

0:00Stay informed in two minutes or less with Sydney News today from the Daily News Now. Australian Labor is set to pass new legislation this week, taxing superannuation balances over $3 million. The bill clears the Senate without changes after gaining support from the Greens ending a long standoff. Starting July next year, the government will boost the low-income supertax offset from $500 to a maximum of $810. This aid goes to people with taxable incomes up to $45,000. Treasurer Jim Chalmers welcomed the move and thanked the Greens for their help. He criticized the opposition for protecting the wealthy over everyday workers. Earlier attempts failed due to issues like a fixed $3 million threshold and taxes on unrealized gains. Lawmakers fixed those problems and added a $10 million cap plus the offset boost. The updated plan will raise $2 billion a year by 2028-29, down from an earlier estimate of $2.5 billion.

1:01Greens see this as a step toward bigger tax changes, like capital gains tweaks and the upcoming May budget. We'd like to thank our sponsor for making this episode possible. Soley Pillow is a pillow with built-in headphones. Play back, press play, and disappear into what you are listening to, S-O-L-I-S-O-L-Pillow.com.