Eleven more Australians have joined the ranks of superannuation account holders with a balance of more than $100 million, according to the latest tax office figures.
The 2020-2021 data also reveals the number of Australians with super balances over $50 million has increased to 135 people.
The new figures have been released on the same day the federal government is expected to publish draft legislation on changes to superannuation tax concessions for wealthy Australians.
Under the proposal, the earnings on super balances of more than $3 million will be taxed at 30 per cent, rather than 15.
It will raise about $2 billion a year once it comes into effect after the next federal election, with a start date of July 2025.
When Treasurer Jim Chalmers made the announcement earlier this year he called it a “modest but important” change to superannuation tax concessions.
Analysis of new data from the Australian Tax Office shows 17 Australians had superannuation balances of more than $100 million in 2019-20.
That increased to 28 people in 2020-21.
The number of people with balances of more than $50 million in 2019-20 was 78 and that increased to 107 by 2020-21.
Figures on how many people had super balances of more than $3 million since 2019 — the threshold for who will be affected by the government’s changes — have not been made public.
The government will need the support of the crossbench to pass the legislation, with the opposition indicating it will oppose the reforms, but at this stage the government does not have the Greens onside.
Greens senator Larissa Waters urged the government to include superannuation on government-funded paid parental leave (PPL) in return for her party’s support.
It has been estimated the policy would cost about $200 million a year and the Greens have said the cost could be covered by some of the $2 billion collected by the government’s planned super changes.
While the government does support the policy, Mr Chalmers in September would not put a time line on when he would implement it.
(ABC)
