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AAP
AAP
Business
Jacob Shteyman

Superannuation tax changes one step closer to reality

Jim Chalmers Labor Greens
The super concessions bill will lift the tax rate on balances above $10 million to 40 per cent. (James Ross/AAP PHOTOS)

Labor's long-running bid to increase taxes on wealthy superannuation accounts has taken a major step forward, but the Greens still stand in its way.

Treasurer Jim Chalmers introduced legislation to the House of Representatives on Wednesday morning which, if passed, will double the tax rate on superannuation accounts with balances between $3 million and $10 million to 30 per cent.

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