An Australian government bill to raise taxes on wealth retirement fund owners easily passed the Lower House of Parliament on Thursday.
The amended bill creates new tax rates for wealthy investors in the A$4.5 trillion ($3.2 trillion) compulsory superannuation plan, raising them from the current 15% flat tax on realized gains.
The bill imposes a 30% tax on superannuation balances above A$3 million, and a 40% tax on balances above A$10 million. Both thresholds, indexed to inflation, would take effect July 1.
The bill passed the government-controlled House by a 95-35 margin. It now moves to the ...
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