Business

Subsidies slashed for super-rich

The July 1 change, hitting only those who earn more than $300,000, will reduce the tax concession wealthy taxpayers receive on their super contributions from 30 per cent to 15 per cent.
The July 1 change, hitting only those who earn more than $300,000, will reduce the tax concession wealthy taxpayers receive on their super contributions from 30 per cent to 15 per cent. © iStockphoto.com/felixR

TOP income earners will have their tax concession for superannuation slashed in half, saving $1 billion to help the bottom line in next month's tough budget.

The July 1 change, hitting only those who earn more than $300,000, will reduce the tax concession wealthy taxpayers receive on their super contributions from 30 per cent to 15 per cent.

Under the present system, the top 1 per cent of income earners would receive an average concession on their super contribution of $7350 in 2012-13. Their concession will fall to $3675 under the change.

Those who earn more than $300,000 comprise 1.2 per cent of those contributing to superannuation. For all contributors on less than $300,000, current arrangements will continue, so someone on $295,000 would still be receiving the 30 per cent concession.

Superannuation Minister Bill Shorten said that while the government believed superannuation should be concessionally taxed it was clear a small number of high income earners ''are getting a better deal out of super than millions of Australians on average incomes''.

Read more at Brisbanetimes.com.au

Topics:  federal budget 2012 superannuation super-rich


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Protesters rain on Adani's parade

ANGRY: Protesters gathered in Townsville to voice opposition to the Carmichael Mine.

Carmichael mine approval didn't stop protesters from having a say.

Carols by the Beach delights crowds at Airlie Beach

Harrison Lovekin of the Cannonvale State School prepares to take the stage at Carols by the Beach.

Carols a huge success at Airlie Beach.

Police catch Airlie's 'E' on a runner with man

The E from the Welcome to Airlie Beach sign was  stolen.

Police have arrested the man caught with Airlie's missing 'E'

Local Partners

Andy and Milly back on the road again

Andy and his dog, Milly are walking again after negative comments left Andy frightened to leave the house last week

Man builds playground entirely out of packing tape

Artist Eric Lennartson is in the process of completing his huge tape sculpture at the Ipswich Art Gallery.

VIDEO:And here's where you can play on it.

Countdown to Woodford Folk Festival begins

ECONOMIC BOON: Woodford Folk Festival is celebrating its 30th anniversary this year.  Photo Contributed

The first larger-than-life inhabitants have stepped into Woodfordia

'I need to do what I can': 65km walk for cancer patient

Karlee Robinson is walking from Caloundra to Noosa for her cousin Aaron Parker, who has terminal brain cancer.

What do you do when someone you love has terminal brain cancer?

David Beckham's tattoos come to life for UNICEF campaign

David Beckham has called for an end to violence against children

Pop star Liam Payne's Facebook hacked with porn

"Things that can happen to you when you don't have sex."

Tim Roth was abused by his grandfather

Tim Roth was abused by his grandfather during his childhood.

Leo designs shocker tattoo for Tom Hardy after lost bet

Leonardo DiCaprio has designed a new tattoo for Tom Hardy

Hollywood star at home on the Coffs Coast

FEELING LUCKY, SON?: Scott Eastwood visited the Coffs Coast

Guess which Hollywood star has been seen around the Coffs Coast?

Ricky Gervais: There's 'no point' marrying Jane Fallon

RICKY Gervais "doesn't see the point" in marrying Jane Fallon.

Developer's grand new multi-million dollar estate

NEW ESTATE: This is the only plan revealed by the property developer's new Billabongs Estate in Agnes Water.

DEVELOPER given the go ahead for a massive estate with 149 homes.

Couple's desperate $550K price drop to sell Gladstone home

Brian Headley and Kirstene Staib are selling their Kin Kora mansion for $750,000.

TELL tale sign of Gladstone's property market.

Banks reclaim Gladstone homes as job losses bite

LONG FALL: Property experts Heron Todd say, based on key market indicators, Gladstone is still travelling to the bottom of the market, with property prices set to get cheaper.

Property valuers say Gladstone housing market hasn't hit the bottom

The million dollar property to test Mackay's market

This Victoria St building will go to auction Tuesday and investors will be watching closely to see how much it sells for.

'High profile architect designed CBD asset' goes to auction

Prices jump in trio of mining towns

THE boost in coal prices in the past six months has triggered a house price jump in at least three mining towns in Central Queensland.

Boost in coal prices triggers a market turnaround

Ready to SELL your property?

Post Your Ad Here!