<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The </span><a href="https://www.9news.com.au/government" rel="" target="" title="federal government's"><span>federal government's</span></a><span> </span><a href="https://www.9news.com.au/national/federal-politics-superannuation-tax-changes/65f1d495-0758-4105-b2bb-4d4e11cee28f" rel="" target="" title="proposed changes to the way superannuation is taxed"><span>proposed changes to the way superannuation is taxed</span></a><span> will soon become law, after the </span><a href="https://www.9news.com.au/greens" rel="" target="" title="Greens"><span>Greens</span></a><span> agreed to back the reform.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Under the plan, roughly 1.3 million of the nation's lowest-paid workers will get access to the low-income </span><a href="https://www.9news.com.au/superannuation" rel="" target="" title="superannuation"><span>superannuation</span></a><span> tax offset (LISTO), while about 90,000 ultra-wealthy </span><a href="https://www.9news.com.au/australia" rel="" target="" title="Australians"><span>Australians</span></a><span> will have their superannuation earnings taxed at a higher rate.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The move will also raise an extra $1.6 billion a year in revenue for the </span><a href="https://www.9news.com.au/federal-budget" rel="" target="" title="federal budget"><span>federal budget</span></a><span>.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>IRANFLATION:</span></strong><span> </span><a href="https://www.9news.com.au/national/panic-buying-fuel-shortages-australia-inflation-hits-five-per-cent/be00a858-4fb3-417a-8452-a501dc97f297"><strong><span>Fuel shortage to drive up grocery prices as inflation bites</span></strong></a><strong><span></span></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>While the government easily has the numbers to pass legislation through the lower house, with the Coalition opposing the change, it required the support of the Greens to get the bill through the Senate.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>This morning, the minor party announced it will back the laws, while at the same time urging the government to pull the trigger on major tax reform in the upcoming federal budget.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We're disappointed that Labor has watered down its original proposal, but we strongly support the increase to the low-income super tax offset, two-thirds of which will benefit women's retirement savings," Greens senator Nick McKim said.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/federal-politics-news-superannuation-tax-changes-to-become-law-support-greens/d1c2fa00-7d0e-4719-a39b-f9e3cfb7a487" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We are going to support the bill as a downpayment on genuine, progressive tax reform in this budget."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>LIVE UPDATES:</span></strong><span> </span><a href="https://www.9news.com.au/world/us-israel-attack-iran-live-updates-march-10-donald-trump-latest-world-news-headline/f56853f3-caaf-4561-a0f2-16433f810007" target="_blank"><strong><span>Australia to send high-tech military plane and missiles to Middle East</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><h3><strong><span>Superannuation changes to start July 1</span></strong></h3></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>With the laws set to pass the Senate, the superannuation changes will come into effect at the start of the next financial year.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>From July 1, the LISTO threshold will be raised to offset the tax paid on superannuation for anyone earning less than $45,000 a year, up from $37,000, effectively ensuring super is still tax-effective for Australians on low incomes.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Raising the threshold to the top of the second income tax bracket will cover an additional 1.3 million workers.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>According to the Association of Superannuation Funds of Australia (ASFA), that change will deliver someone on $44,000 a year close to an extra $50,000 in their super balance by the time they retire.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/us-israel-attack-iran-women-footballers-in-queensland-seek-asylum/ae4e93a0-47a2-445f-9c74-e4cd5b52df33" target="_blank"><strong><span>Five Iranian footballers granted asylum by Australia after escape</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The other change impacts ultra-wealthy Australians by increasing the tax rate on superannuation earnings for accounts worth more than $3 million.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>This will impact the top 0.3 per cent of super account holders – a total of about 90,000 people.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Instead of the current flat concessional tax rate of 15 per cent, from July 1, the tax rate on earnings for super accounts with a balance of between $3 million and $10 million will rise to 30 per cent, and to 40 per cent for accounts worth more than $10 million.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The increased tax rates won't apply to an account's entire earnings – only to the proportion of the balance over each of the new thresholds.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>NATIONAL:</span></strong><span> </span><a href="https://www.9news.com.au/national/australia-fuel-shortages-farmers-hit-first-supplies-dry-up/132dbef5-dad4-4e43-a4f5-e051b989275b" target="_blank"><strong><span>'Hard not to panic': Australian farmers hit first as fuel supplies dry up</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><h3><strong><span>Greens push for wider tax changes in budget</span></strong></h3></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>By describing their backing as a down payment on progressive reform, the Greens have only raised speculation further that the May 12 federal government will contain some of the most substantial changes to the tax system in decades.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"This budget is a once-in-a-generation opportunity for ambitious tax reform, and we are opening the door for Labor to walk through," McKim said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Exactly what will be unveiled remains a mystery, but the government has done little, if anything, to quash </span><a href="https://www.9news.com.au/national/capital-gains-tax-discount-australia-speculation-overhaul-federal-budget-2026/1fcd9f5b-370a-4045-a4c3-c00c4dbec466" rel="" target="" title="rumours of the controversial capital gains tax discount being pared back for investment properties"><span>rumours of the controversial capital gains tax discount being pared back for investment properties</span></a><span> – something McKim alluded to.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The current tax system has turbo-charged the housing crisis, wealth inequality and a deepening intergenerational divide," he said. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We are demanding bold reform that responds to these challenges and makes our society fairer for young people and working people.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>EXCLUSIVE:</span></strong><span> </span><a href="https://www.9news.com.au/national/andy-parking-fine-told-licence-would-be-suspended-over-fine-he-paid-in-full/468b430d-8035-4787-b331-fdd8986e0638" target="_blank"><strong><span>Andy paid his parking fine, only to be slapped with another $130 fine</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"There is a massive Labor majority in the House of Representatives, the opposition is a rabble, and the numbers are there in the Senate as long as Labor shows courage. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The only limit is Labor's level of ambition."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Treasurer Jim Chalmers has frequently spoken of the government's desire to address intergenerational inequality.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Last night, </span><em><span>The Australian</span></em><span> reported Treasury has conducted modelling on limiting negative gearing to two investment properties, while there have also been rumours of tax incentives for electric vehicles and home batteries being scaled back to cut down on federal spending levels.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Last Friday, Chalmers hosted a roundtable discussion with a group of leading private economists, which he said would help inform the decisions made in the budget.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><em><span>NEVER MISS A STORY:</span></em></strong><span> </span><strong><em><span>Get your breaking news and exclusive stories first by following us across all platforms.</span></em></strong></div></div><div class="block-content"><div 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