Labor retreats on Div 296 reform, rejects suggestions of policy misstep
The Labor government has backed down from several controversial features of the high-balance superannuation tax it introduced two years ago, cancelling the plan to tax unrealised gains and introducing indexation to the $3 million threshold. The adjustments, which will delay the start date of the new tax regime by a year, were slammed as “publicly humiliating” by the Coalition.
Regulation