Fact check: The new tax in Australia on unrealised gains for super funds with more than $3m ….does not apply to Industry (union owned) Super Funds or Politicians

1. Summary of the results

The original statement is partially incorrect regarding Industry Super Funds but partially accurate regarding certain politicians and public officials. Here's why:

• There is no evidence of any blanket exemption for Industry (union-owned) Super Funds in any of the provided sources ^[1]
• However, the bill does exempt specific categories of public officials, including state governors, ministers and their staff, senior public servants, judges, and police commissioners ^[2]
• For politicians with defined benefit pension plans (elected before 2004), Labor has indicated that special rules will be determined in regulation, but they will not be automatically exempt ^[1]

2. Missing context/alternative viewpoints

The original statement omits several crucial pieces of context:

• The tax applies a 30% rate on earnings above $3 million ^[1]
• The legislation specifically targets high-net worth individuals with super balances over $3 million ^[3]
• There's a distinction between automatic exemptions and special rules that may be determined through regulation ^[1]
• The treatment of pre-2004 defined benefit schemes is still being determined and will be subject to specific regulations ^[1]

3. Potential misinformation/bias in the original statement

The statement contains several misleading elements:

• It incorrectly suggests a blanket exemption for Industry Super Funds, which is not supported by any of the sources
• It oversimplifies the situation regarding politicians by not distinguishing between different categories of public officials and different time periods of service
• The use of the phrase "union owned" in reference to Industry Super Funds appears to be attempting to create a partisan narrative about favoritism, when no such exemption exists

Those who might benefit from promoting this narrative include:

• Opposition politicians seeking to criticize the government's tax policy
• Private super fund managers competing with Industry Super Funds
• High-net-worth individuals attempting to build public opposition to the tax