How Wealthy Savers Are Preparing for the New Super Tax
Today's must-reads:
• Super tax scramble
• Interest rates podcast
• ChatGPT now chattier
Wealthy Australians are looking to restructure their finances ahead of a proposed tax hike on super balances over A$3 million, with strategies like trusts and insurance bonds gaining traction. The looming 15% surcharge — on top of the existing 15% — is spooking clients and prompting wealth managers to prepare for what could soon affect a growing share of retirees.
Our main stock exchange operator has seen better days. ASX shares tumbled almost 9% yesterday — the biggest drop in two years — as US rival Cboe moves to break its grip on local listings and regulators intensify scrutiny. A bungled market announcement and rising probe-related costs added to mounting pressure on the embattled bourse.
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