Labor’s $3m super tax has a nasty sting for public servants

The Australian Financial Review
05-27

Labor’s proposed new tax on high superannuation balances will have a special sting for many public servants in their 40s.

That is because the generous defined benefit superannuation scheme – which closed to new entrants in 2005 – pays a pension based on a person’s salary at their last three birthdays before they retire, multiplied by a number based on their length of service and contributions.

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