Australia Passes Long-Fought Tax on Richest Retirement Savers

Australia has pushed through a contentious new tax on the country’s wealthiest retirement savers, capping three years of political wrangling and opposition from savers that forced the government to scale back its original plan.

The new law, which passed the Senate late Tuesday, slaps an extra 15% levy on profits from pension balances above A$3 million ($2.1 million), in a change likely to impact up to 90,000 savers. That’s on top of the 15% tax that they — and most Australian workers — already typically pay on investment earnings in their superannuation accounts. The legislation also introduces a 40% levy ...