Australia Treasury Seeks Comments on Draft Bills to Amend Superannuation Provisions

The Australian Treasury Dec. 19 opened a consultation on two draft bills to amend superannuation provisions. The bills include measures to: 1) maintain the tax rate of up to 15 percent on earnings, for superannuation balances up to A$3 million (US$1.9 million); 2) apply up to an overall 30 percent tax rate to a specified earning percentage, for the superannuation balance between A$3 million and A$10 million (US$6.6 million); 3) apply up to an overall 40 percent tax rate to a specified earning percentage, for the amount of superannuation balance above A$10 million; 4) impose a 15 percent tax rate ...