The federal government has scrapped plans to tax unrealised gains of large superannuation accounts, dubbed a "disaster" for the Australian tech and startup sectors.
Treasurer Jim Chalmers announced a backflip on Labor's planned reforms, removing the 15% tax on earnings for superannuation accounts above $3 million, including unrealised gains.
The plan had been labelled a "disaster" for the Australian tech and startup sectors.
Tech startup sector breathes sigh of relief.
Author's summary: Superannuation tax plan scrapped due backlash.