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Labor to pass super tax changes with support of Greens
Jim Chalmers has thanked the Greens for engaging constructively. (ABC News: Ian Cutmore)
Labor will pass legislation to increase the tax on those with super balances of more than $3 million, ending a years-long stalemate.
The tax bill will pass the Senate this week without amendment, after Labor secured the support of the Greens.
The Greens say their support is a "down payment" of goodwill in the hope Labor will pursue more ambitious tax policies in the budget.
Labor will pass legislation to increase the tax on those with super balances of more than $3 million, ending a years-long stalemate.
The tax bill will pass the Senate this week without amendment, after Labor secured the support of the Greens.
Richest super balances to be taxed at higher rates after Greens agree to back Labor plan
Greens say support for superannuation tax changes is a ‘down payment’ on Labor pursuing genuine reform in 12 May federal budget
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Labor’s plan to raise the tax rate on the largest super balances will become law after the Greens agreed to wave it through the Senate, ending a three-year political fight over concessions for wealthier retirees.
The Greens’ treasury spokesperson, Nick McKim, said the decision to support the watered-down package was a green light for Labor to pursue “bold reform” in the upcoming federal budget, including scaling back the capital gains tax discount and negative gearing.
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