Wednesday, 1 March: Superannuation tax changes are revealed; Canada clamps down on TikTok; The northern lights are shining; And a surplus of snakes
Squiz Today
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Introduction
Aussies with more than $3 million in their superannuation accounts will be taxed at a higher rate. Tax on the earnings of superbalances over $3 million will rise from the concessional rate of 15%, going up to 30%. The change won't happen straight away, it has to pass Parliament and needs to be legislated for. It's designed to put about $2 billion a year back into the government's budget.
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