Aussie billionaires slam $3 million superannuation tax change: 'Fundamentally abhorrent'
Australian billionaires have hit back at the government's $3 million superannuation tax change, with the country's richest woman warning it could force the rich to move their assets out of the country. Wealthy Aussies have already begun 'panic' selling to avoid the change due to come into effect from July 1.
The superannuation tax change will double the existing tax rate from 15 to 30 per cent on earnings on super balances above $3 million, including unrealised capital gains. The government estimates the changes will only impact 80,000 people, or 0.5 per cent of the population, but some in this small minority aren't happy about it.
Gina Rinehart, the mining magnate worth $38.1 billion, said the new tax could be seen as a positive in 'some circles' but warned taxing unrealised wealth had led the rich to abandon assets in other countries.
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'Will the money stay in their super fund to be so extra taxed? Similar tax schemes in Norway and France led to billions in capital fleeing those economies,' Rinehart told The Australian Financial Review.
'This doesn't seem a very well-thought-out scheme, to get more tax revenue, to me.'
Jack Cowin, the fast-food mogul behind Hungry Jack's and majority shareholder of Domino's Pizza, worth $4.7 billion, said he was worried the tax could extend beyond superannuation.
'The biggest danger for a high-spending government is the threat that this practice gets extended on to other investments and could even include housing, in search of funding,' he told the publication.
One of the controversial aspects of the tax change is that it would apply to unrealised capital gains. This refers to the growth in the value of an asset or investment that investors have but haven't cashed in yet, so it is a paper gain.
Nick Wakim, the Phoenix Lithium founder worth $1.2 billion, labelled taxing unrealised gains as 'fundamentally abhorrent', while Sam Beck, the managing director of Beck Property Group, called it 'ludicrous'.
Treasurer Jim Chalmers has stood by the tax, which was first announced by the government at the beginning of 2023.
Speaking on a podcast with Michelle Grattan this week, Chalmers said it was a 'modest change' and said it would help fund priorities, including Medicare and tax cuts.
He said the inclusion of unreleased gains was 'the best, simplest way to go about it', according to Treasury advice.
Chalmers said it was incorrect to assume the $3 million threshold wouldn't ever change, with some calling for it to be indexed so it doesn't capture more and more taxpayers over time.
'I understand the argument. There are so many instances in the tax system where thresholds aren't indexed, and from time to time governments take decisions to raise those thresholds," he said.
"I'm anticipating that that is what would happen here."
It comes as Gina Rinehart tops the AFR Rich List for the sixth year in a row, despite a 6 per cent drop in her fortune due to lower iron ore prices.
Australia now has 161 billionaires, up from 150 in 2024.
The country's wealthiest 10 people control $202 billion among them, dropping 9.2 per cent from $222 billion last year.
Here are the top 10 richest people:
Gina Rinehart $38.1 billion
Harry Triguboff $29.7 billion
Anthony Pratt and family $25.9 billion
Scott Farquhar $21.4 billion
Clive Palmer $20.1 billion
Melanie Perkins and Cliff Obrecht $14.1 billion
Michael Dorrell $13.9 billion
Ivan Glasenberg $13.3 billion
Nicola Forrest $12.8 billion
Kerry Stokes $12.7 billionErreur lors de la récupération des données
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Tom's Guide
38 minutes ago
- Tom's Guide
As a seasoned deal-hunter, these are my top 50 EOFY deals of 2025 so far
Bargain hunters, rejoice! The 2025 EOFY sales are now well underway, marking a prime opportunity to scoop up some tax-time deals before the current financial year concludes. Throughout June, Aussie retailers are taking the opportunity to clear out stock by slashing prices, and the discounts will keep on coming until the new Australian financial year kicks off on July 1. And let's not forget, one of the biggest benefits to purchasing during these sales is that anything bought for work purposes can be claimed as tax deductions for the current financial year. This, coupled with the reduced prices, makes June an ideal month to upgrade your home office and any tech you need for work. Need a new monitor, laptop, or noise-canceling headphones to help you get work done? Well, you're in luck, because the Tom's Guide deals team is here help you score a bargain during this year's EOFY sales, and we'll be providing live coverage of all the best deals on this page. Whenever we find a cheap buy that requires your attention, we'll let you know about it. Alright, enough waffling on — here are the best deals we've found so far during the EOFY sales period. I'm the Managing Editor of Tom's Guide's Australian edition. I've been hunting deals for the last 10 years and my goal is to help you find the best EOFY bargains of 2025. Whether you're in the market for a new smart device, laptop, headphones or Lego set, my team and I will try and help you out by rounding up the top EOFY deals worth considering. Superloop | NBN 1000 | Unlimited data | No lock-in contract | AU$85p/m (for 6 months, then AU$109p/m) Right now, during EOFY, Superloop's 1Gbps plan has been slashed by a massive AU$24p/m over the first six months, offering a nice AU$144 discount. Advertising lightning-fast speeds of 860Mbps in the busy evening hours, Superloop's speed claims are some of the fastest available on the tier, coming in just behind Flip's 900Mbps, Swoop's 890Mbps and Buddy Telco's 875Mbps. This deal offers incredible value for money, as the AU$85p/m cost is far cheaper than some of the major telco's 50Mbps plans — and delivers 17.2 times the maximum speeds. If you need all the megabits, Superloop's got 'em. Total minimum cost: AU$85 | Total first year cost: AU$1,164 | Yearly cost after discount: AU$1,308 Buddy | 49Mbps | AU$67p/m (first 6 months, then AU$75p/m) Good news for those seeking an NBN 50 plan: the value-minded telco Buddy has joined the EOFY sales, reducing the cost of its popular plan to just AU$67 per month for the initial six months. While not the absolute cheapest over the first year, this plan offers one of the most competitive ongoing yearly costs from a highly-rated provider. • AU$67 minimum cost• AU$852 first year cost• AU$900 ongoing yearly cost Optus EOFY deals: up to 50% off select phones on a 24- or 36-month plan Looking for a new phone? You can save yourself some dosh by opting for a plan. The Optus EOFY sale offers discounts of up to 50% on several current flagship phones. To take advantage of these savings, you'll need to commit to either a 24-month or 36-month interest-free payment plan. Our top picks include: • Google Pixel 9 Pro XL: AU$800 off• Motorola Razr 50: AU$618 off• Samsung Galaxy S24 FE: AU$549.36 off Save AU$512 Amazon has reduced the price of the 512GB Samsung Galaxy Z Flip 6 by 26%, offering a solid discount before the end of the financial year. This particular deal is currently available for the Blue, Mint and Silver Shadow colour variants. Save AU$151.36 Though previously seen at a slightly lower price, this smartwatch stands out with its robust design, superior GPS tracking, practical training features and exceptional battery life. While this discount only applies to the black colour option and standard 45mm size, this represents one of the top Garmin smartwatch deals currently available. Save AU$389.70 With its exceptional durability, impressive battery life, and premium materials, Samsung's Galaxy Watch Ultra stands out as the top Android smartwatch available now. In our Galaxy Watch Ultra review, we described it as the "sportiest, longest-lasting Samsung watch yet," and it's now even more compelling with Samsung's current 30% discount. Save AU$121 Score a motza discount on these Sennheiser over-ear cans, now just AU$278 during Amazon's Mid-Year Sale. The Accentum headphones have an impressive 50-hour run time and adaptive hybrid ANC. It was cheaper last week, but this is still a decent saving. Save AU$36.01 Need a cheap pair of buds that'll deliver some solid Spatial audio? Meet the Sony WF-C510s. These buds deliver some punchy, detailed sound, with support for 360 Reality Audio, nice ANC and impressive battery life. Just make sure to check "Apply AU$5.01 coupon" to score this price. Save AU$147.41 Samsung's third-gen Galaxy Buds may not be as powerful as its Galaxy Buds Pro 3, but they're far cheaper and offer excellent battery life, great noise cancellation and live translation features when paired to a recent Galaxy smartphone. Save AU$101 A fantastic set of earbuds that is frequently used by this particular writer, Samsung's Galaxy Buds 2 Pro delivers hi-res 24-bit end-to-end audio support as well as Dolby Atmos, great noise cancellation and IPX7 waterproofing. You'll get around five hours of battery life from the buds alone, though you'll get an additional 18 hours from the provided charging case. Save AU$30 These cheap buds pack a mighty punch. The EarFun Air Pro 3s deliver decent noise cancellation, premium sound quality and an impressive 45-hour battery life with the charging case. Save AU$71An affordable alternative to Sony's flagship WF-1000XM5 earbuds, the mid-range Sony WF-C700N buds punch well above their weight, with excellent noise cancelling and a bass-heavy sound signature at the forefront. In fact, we gave these impressive buds 4.5 stars in our review, stating that they "deliver flagship performance and features in an attractive package." Save AU$154.71 An appealing discount on Google's latest earbuds, featuring impressive noise-cancelling and great sound quality. Also available in the Porcelain colour, for just AU$237. Save AU$600 The HW-Q930D soundbar, positioned just below Samsung's 2024 flagship model, delivers outstanding home theatre sound with features like wireless Dolby Atmos, Samsung Q-Symphony compatibility, and SpaceFit Sound Pro. Now a massive AU$600 off. Save AU$140 Looking for a good GoPro alternative? While it isn't the newest model, the DJI Osmo Action 4 continues to impress with its strong low-light performance, 18m waterproofing, and exceptional magnetic mounting. Currently priced at just AU$329, it's only AU$3 above its record low. Save AU$433 Have you ever considered adding a projector to your home? Well the Hisense C2 Ultra is a mighty fine choice. I'm currently in the process of reviewing this little model and my initial impressions are nothing short of outstanding. It serves up terrific colours and brightness and its built-in sound system is more powerful than I would have initially thought. Save AU$1,204 Although it only released a few months ago, this mid-range model is already seeing a significant price reduction, bringing it to its best available price. Not bad for a QD-Mini LED TV that boasts audio by Bang & Olufsen and 288Hz VRR / FreeSync Premium Pro support. To get the full discount, make sure to hit the 'price beat' button on The Good Guys website. Save AU$1,510 Lenovo's adaptable Yoga series can easily transform into a tablet, laptop, or vertical display. This 2-in-1 device features an Intel Core Ultra 7 processor, 1TB storage, 32GB RAM, and a 16-inch OLED screen. An excellent option for users who want a good productivity tablet and laptop in one. Save AU$40 with code SSNOW The Switch 2 is a drastic step up on the original in terms of performance, but it also brings a bigger screen and improved controllers with mouse functionality. It also works on the go and is the only device capable of running the excellent new Mario Kart World. Save AU$200.95 Big discounts on PS5s are becoming a rarity. That's why grabbing a disc model with a significant AU$200 off is an absolute must-have if you're looking for a new console. This deal won't last forever, and it's unlikely we'll see another one like it anytime soon. Alternatively, you could save even more by going for the digital-only model, now just AU$679.95 AU$549. Save AU$250.95 with code We weren't expecting any strong PS5 console deals, however, this one took us by surprise: The Gamesmen eBay store is providing an awesome AU$250.95 if you're an eBay Plus member. Alternatively, you can pick the console up for AU$100 more from Amazon. Save AU$344 While the PSVR 2 is hard to justify at full price due to its lack of standout exclusives, this AU$344 discount makes it a much more attractive proposition. Just know that you'll need to already have a PS5 console in order to use it. Save AU$69.95 A nice 64% saving on this open-world Star Wars endeavour will have fans in a tizzy. If you love a low-stakes, stealth game, this one is quite the novelty and it's even better knowing it came out in August last year. If you're keen to get shootin' and scootin' as an Outlaw, there's no better time to pick this game up. Save AU$10.95 A GameCube-era classic has been given a Nintendo Switch glow-up with this remastered edition of Super Mario RPG! Assemble an unlikely party of heroes, which includes Mario, Peach and even Bowser in an attempt to save Star Road and stop the dastardly Smithy Gang from wreaking havoc. Save AU$55.95 While this remake only released a few weeks ago, this 36% discount is very generous and the cheapest we have seen. It's a fun platformer with a lot of Disney charm, perfect for fans of all ages. Save AU$120 Compatible with PC, Mac, PS5, PS4 and mobile, the Corsair HS80 Max Wireless Gaming Headset offers low-latency 2.4Ghz wireless audio and Bluetooth connectivity, along with high-fidelity 24bit/96kHz sound and support for Dolby Atmos Spatial Audio. Now discounted by 43% in Steel Grey and White. Save AU$221 Samsung Odyssey G5 is an accessible, low-cost 2K (2560 x 1440) resolution gaming monitor. This model is the 32" version, but the 27" variant is also discounted, down to AU$329 – but bigger is definitely better here, especially as there's only a AU$48 difference. Both displays come with 1ms response times, 165Hz refresh rates and AMD Freesync Premium Pro. Save AU$34.95Chances are you already own this game, but if you haven't played the remastered PS5 version, this might be a good opportunity to play through it again before GTA6 arrives. This is a seriously good price for one of the greatest games of all time. Wreak havoc on the streets of Los Santos as three of the most colourful characters to ever lead a blockbuster game. Save AU$429.90 with discount code Looking for freshly ground coffee? The De'Longhi Magnifica Evo Next coffee machine is ideal, offering 13 customisable beverages via an intuitive 2.4-inch display. Tailor your drink's size, strength and temperature, and enjoy cafe-quality milk froth with its LatteCrema Hot Technology. 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Currently, there's an AU$300 discount from De'Longhi, and you can nab an additional 10% off the discounted price when you use our exclusive code TOM10. Save AU$425 It may not have as many attachments as some of the more expensive vacuums on the market, but the Shark Cordless Detect Pro with auto-empty system is an absolute beast on hard floors and carpets. It can automatically adjust its power level to help conserve battery or remove stubborn dirt, and it's great for getting into corners. Save AU$91.99 Roast, bake, or crisp twice as many dishes with Ninja's DoubleStack air fryer tower. This model houses two independently controlled drawers that can cook up to four different foods at once, all while taking up less counter space than a typical extra-large air fryer. With a massive 9.5L capacity, you can even control the timings so that your meal is done at the exact same time. Just make sure you tick the 'apply $30 coupon' button on the listing page. Save AU$265.99 If you're looking to save some extra pennies on a stick vac purchase, this deal is for you. Shaving a massive 33% off, this Shark IZ102 cordless vac offers powerful suction and a self-cleaning brush roll. Plus, the nozzle has LED lights that'll reveal any hidden dust and debris as you vacuum. Don't forget to tick the 'apply $11 coupon' button for the full discount. Save AU$21.99 Just months after its release, this new product in Shark's arsenal has been reduced by AU$21.99. Our friends at TechRadar gave it a glowing 4.5 stars in their review. It's super versatile and can be used virtually anywhere, thanks to its completely detachable head. It's also super quiet, cordless, and rechargeable, with a single charge lasting up to 24 hours. Save AU$200 Tineco's latest floor washer, the S7 Flashdry, packs a mighty punch when cleaning up spills on hard floors. It effortlessly cleans tough messes and fast-dries them. Plus, with its self-drying brush roll, you can clean again in minutes. Save AU$401 Yearning for more out of your current capsule coffee machine? This Nespresso Vertuo Creatista model easily blends simplicity and quality into one touch. With capsule sizes ranging from espresso to mug, and a built-in milk frother, this classy-looking machine will elevate your home coffee experience. Save AU$500 Ecovacs' Deebot T30 Omni all-in-one robot vacuum works very well on predominantly hard floors, but can struggle on carpets, according to our mates at TechRadar. Still, its edge cleaning capabilities reportedly surpass those of some higher-priced competitors. Save AU$250 The Dyson Airwrap is pretty well known in the hair and beauty space, as it does literally everything you'd expect from a multi-styler. It curls, it smoothes, it shapes, and it dries — all without the risk of major heat damage to your hair. The Complete Long edition of the styler is now down to just AU$599 on Amazon. Save AU$102 Even though the Airstrait is making headlines, this older Dyson Corrale shouldn't be dismissed. With a 15% discount on Amazon, this straightener can work cordless and even has an aeroplane mode that disconnects the battery when travelling. It also shuts off after 15 minutes of inactivity. Save AU$152 Slashing 20% off RRP, the Dyson Airstrait can take your hair styling routine to a whole new level. The no-hot-plate hair straightener is also a dryer that can dry totally wet hair to a naturally straight finish in just a matter of minutes. With three temperature settings and precise airflow blades, this hair tool is ideal for those looking to reduce their drying and styling time. Also included in the box is a non-slip heat-resistant mat, which can be used to place the styler down in between sections. This discount is also available in the Iron / Copper colourway. Save AU$250 With new smart settings and a brand-new diffuser attachment for curly hair types, the Dyson Supersonic Nural is perfect for anyone. It features all the beloved settings of the original, but also comes packed with sensors and attachments. The latter are intelligent too, allowing the hair dryer to remember the last settings used. Now, for AU$250 off, this hair dryer is worth picking up quicksmart. Also available in the Jasper Plum colourway for AU$597.
Yahoo
2 hours ago
- Yahoo
Seniors gather at Atlanta City Hall to get help
City leaders say it can be too difficult for some seniors to find resources. Channel 2's Berndt Petersen shared how the city took those resources to them. [DOWNLOAD: Free WSB-TV News app for alerts as news breaks] In the atrium of Atlanta City Hall, helpers were assembled for those who needed them. 'We know it is hard out here for our seniors,' City Councilman Jason Dozier said. This includes seniors like Coretha Easterling, who sometimes struggles to make ends meet. 'Some seniors don't know,' Easterling said. On Thursday, they were brought to the right place. 'We know a lot of our seniors have to rely on Social Security, and are navigating the high cost of living and energy costs, so we're trying to bring the resources to them so they can weather this storm,' Councilman Dozier said. TRENDING STORIES: Former 'RHOA' star Kim Zolciak, ex-Atlanta Falcon Kroy Biermann removed from mansion, court docs say Man arrested in GA says he'll 'kill some more' after parents found dead in FL home, deputies say Metro Atlanta parents 'made a dumb decision' by giving 1-year-old beer, report says Dozier teamed up with the Georgia nonprofit Stimulate America to gather the resources many seniors need, under one roof. 'A lot of our seniors have come to us and asked for part-time jobs or seasonal jobs to supplement their income during this inflation,' the nonprofit's founder, Tiffany Howard, said. There was also information on affordable housing, getting more out of Medicare, Social Security, veterans' benefits and much more. Dozier said the seniors who looked after us now need someone to look after them. Easterling said they just need to know where to go. 'It helps the seniors to know what they can get or information they need to know,' Easterling said. The gathering at Atlanta City Hall was the first of four planned to help local seniors. [SIGN UP: WSB-TV Daily Headlines Newsletter]
Yahoo
2 hours ago
- Yahoo
Common tax mistake costing Aussies $1,000 on ATO refund: 'Out of pocket'
The biggest mistakes Australians make "every single year" on their tax returns have been revealed. Tax time is just weeks away, and Aussies are being warned these easy mistakes could cost them hundreds on their refund. Tax Invest Accounting director Belinda Raso told Yahoo Finance she sees taxpayers getting caught out by these mistakes every year. This could be because they have rushed their tax return and done it as soon as July 1 hits, or simply because they don't have all the information at hand. 'A big one is that we automatically go for a shortcut and a shortcut is never in taxpayers' favour,' she said. RELATED Major ATO change just weeks away as taxpayers warned over new rules Centrelink cash boost coming from July 1 for millions of Aussies Aussie teen's job paying $300 per hour without a uni degree Here are the top five mistakes to watch out for. If you are claiming work from home deductions, most Aussies forget to work out both methods to ensure they get the biggest possible deduction. The fixed rate method lets you claim 70 cents for each hour worked from home. The actual cost method requires you to calculate the additional expenses you incur when working from home. It is more onerous, but could give you a better deduction. Raso said people who claimed the fixed rate method often forgot they could make separate claims for expenses the method doesn't cover. The method only covers internet, mobile, electricity, gas, stationery and printing costs. 'So all of your computer equipment, the hardware, the software, your cords, cables, extensions, powerboards, your furniture, everything in that home office is going to be claimable,' she said. 'People that are working from home, even if they are hybrid, are losing hundreds of dollars per year on this alone.' Taxpayers report to the ATO whether they are liable for the Medicare Levy Surcharge. The ATO will also change people's tax returns if they are liable and don't declare it. For the 2024-25 financial year, the threshold to pay the surcharge is $97,001 for singles and $194,001 for families. Raso said she sees mistakes with people saying they are liable for the surcharge, when they actually aren't. This is usually single parent households who think they are classified as singles, but are actually classified as families even if their child isn't living with them. 'The average person could end up paying an extra $1,000 by not actually understanding these rules,' Raso said. Taxpayers can amend their returns if they have made a mistake and they have up to two years less one day from the notice of assessment. The third biggest mistake is made by Aussies who get a reimbursement or allowance from their work. This is particularly for people who have a motor vehicle kilometre allowance. While you can't claim a deduction on reimbursements, your employer might call it a reimbursement when it is technically an allowance. 'A reimbursement when you give an employer a receipt for fuel and they pay that in full. But if they are paying you a kilometre allowance, even if they say it's a reimbursement, it's not, it's just to cover your kilometres,' Raso said. 'If that kilometres is seen on your income statement, you're paying tax on it, so then you should be claiming the deduction against it because otherwise you're going to be claiming tax and just be out of pocket. You can claim what you have actually spent. Other common examples include mobile phone allowances and laundry allowances. Another mistake is not claiming expenses that people use for both work and personal purposes, such as a laptop or computer. Raso said some people mistakenly thought they couldn't claim a tax deduction at all, when in reality, they can apportion the personal use. 'We apportion what percentage we use for personal use and what's work use, and we claim that,' she said. For example, you can state you use a laptop 60 per cent of the time for work and 40 per cent of the time for personal purposes. The final common mistake is not keeping a correct logbook if you use your car for work. If you are travelling over 5,000 kilometres for work, Raso said you should be keeping a logbook. The ATO has two ways to claim deductions for motor vehicle expenses: the logbook method and the cents per kilometre method. The cents per kilometre method allows you to claim up to 5,000 business kilometres per car, per year. The logbook method allows you to claim more than 5,000 kilometres. 'You need to have a valid logbook for 12 weeks straight, which covers all of your motor vehicle usage. Then you need to have all your running costs as well,' Raso said. This needs to be done in the financial year you are claiming, so if you haven't already started on your logbook it would be too late to do in retrieving data Sign in to access your portfolio Error in retrieving data
