Liberal senator claims PM to get super tax carve out

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Liberal senator claims PM to get super tax carve out

The man vying for treasurer in Sussan Ley’s shadow cabinet has accused Jim Chalmers of plotting a super tax carve out for Anthony Albanese without offering any evidence.

It was revealed last week a handful of judges and former state-level officials would be exempt from Labor’s proposal to roll back concessions on ultra-high super balances.

But the exemptions would be restricted to “those earnings in superannuation funds that the constitution prevents being taxed by the government will be excluded”, according to a government summary document.

Even though the Prime Minister did not fall into the category, Liberal senator Andrew Bragg on Sunday claimed the Treasurer was planning “a tax on everyone except for Mr Albanese, where he will set special arrangements for the Prime Minister”.

Camera IconLiberal senator Andrew Bragg has claimed without evidence Prime Minister Anthony Albanese could be exempt from Labor’s proposed super tax. NewsWire / Martin Ollman Credit: News Corp Australia

“He has given himself a regulation making power where he will set the Prime Minister’s tax and pension arrangements after the bill has passed the Senate,” Senator Bragg told Sky News.

“Now, if he’s serious about applying it to the Prime Minister, he will put the parliamentary scheme into the Bill.”

He could not provide evidence when pressed, only repeating that Mr Chalmers had “given himself a regulation making power, so the regulations will be made after the Bill is passed”.

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“This is a massive integrity issue,” Senator Bragg said.

Only half a per cent Australians — some 80,000 — have super balances north of $3m.

Under the changes, they would pay an addition 15 per cent on yields.

It would pump about $2.7bn into Commonwealth coffers, according to Treasury estimates.

The plan, which Labor took to the federal election, has drawn ire, with some critics decrying it a tax on unrealised gains and others warning it could penalise younger generations down the track.

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Teal independent Monique Ryan has called on the Albanese government to index the tax to make sure it rose with inflation.

She warned it “could affect all Gen Z Australians by the time they turn 60” if changes were not made.

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