Australia Revamps Pension Tax for Wealthy Savers After Blowback

Australia’s government has rolled back some of the most contentious elements of a planned tax on large pension balances after the proposal drew heavy criticism.

The government had planned to slap an extra 15% levy on profits from pension balances above A$3 million ($2 million). That’s on top of the 15% tax that they — and most Australian workers — already typically pay on investment earnings in their superannuation accounts.