Under the proposed changes, Australians with super balances over $3 million would pay 30% tax – rather than 15% – on earnings above $3 million.
According to Australian Tax Office data, the current average super balance in Australia is around $182,000 for men and $146,000 for women. Among those aged 60 to 65, it’s around $402,000 for men and $318,000 for women.
The poll, conducted by YouGov, shows 52% of Australians support the proposed changes, compared to 26% who oppose them, while a similar figure (22%) don’t know or are unsure.
Key findings:
25% of Australians say they “strongly support” reducing tax concessions for people with super balances over $3 million, while 27% support the changes.
14% of Australians say they “strongly oppose” reducing tax concessions for people with super balances over $3 million, while 12% oppose the changes.
One in five of Australians think the changes will have an impact on their retirement plans, but the reality is that only one in 200 people have super balances that would be affected by the changes.
“Twice as many Australians support the proposal to reduce tax concessions on superannuation balances over $3 million as oppose the idea,” said Richard Denniss, Executive Director of The Australia Institute.