‘Under the socialism umbrella': Labor torched over ‘pie in the sky' super reform
Assistant Foreign Minister Matt Thistlethwaite has been forced to defend the Albanese government's proposed superannuation reforms, which seek to tax unrealised gains and apply an additional tax on balances over $3 million.
The proposed legislation will apply a 30 per cent tax rate to super balances of more than $3 million, including unrealised capital gains.
Sky News First Edition host Peter Stefanovic pressed the Labor MP on the policy and said it seemed 'unreasonable' and 'totally bizarre' to tax an unrealised gain.
'Essentially, it's an equality argument. We're saying that people shouldn't be able to shift income into superannuation to avoid paying their fair share,' Mr Thistlethwaite told Sky News Australia.
'Now, if you don't tax it in that manner, then it means that people will simply shift all of their assets into property.'
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