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.

Logan's playground nearer completion

TEAM: Hayden Brosnan, Finn Mann, Brooke Roth, Marshall Lebron and Leanne Fordham (back) with Matt Stokes, Bekky Kinsalla, Dylan Blackwood, Dan and Nardia Dimech on Saturday.

There's a new addition to Logan's Adventure Playground

Power back in the Whitsundays

An expected power outage has wiped out electricity across the Whitsundays.

Ergon is reporting that power should be returned to all homes.

The 5 best burgers in the Whitsundays

Little Vegas was voted top 5 place for burgers in the Whitsundays

What was your pick for best burgers in the Whitsundays?

Local Partners

PCYC makes school holidays fun

WITH the summer school holidays spanning several weeks, it can be hard to keep kids constantly entertained.

Puppetry of the Penis secrets revealed ahead of show

The famed Puppetry of the Penis is coming to the Sunshine Coast for shows in Noosa and Caloundra.

WARNING: This interview contains adult themes and traces of nuts

Noll meltdown won't affect Gympie Oz Day concert

Shannon Noll

Photo Contributed

Shannon Noll is still expected to perform in Gympie next Thursday

The surprising problem police face at Woodford Folk Festival

STREET SCENE: Woodford Folk Festival 2016.

The biggest issue for police at Woodfordia is not what you'd expect

J.K. Rowling writes through severe back pain

An aching back couldn't stop J.K. Rowling catching inspiration

Elsa voice actor's son hates Frozen

Idina Menzel's son "hates" his mother's most famous film 'Frozen'

Chrissy Teigen likes her "soft" stretch marks

Stretch marks are no problem for Chrissy Teigen

Naomie Harris in the dark over Daniel Craig's future as 007

Naomie Harris has no idea if Daniel Craig will be returning as 007

REVIEW: Will Kasey Chambers' Dragonfly take off with fans?

Kasey Chambers’ new album Dragonfly gets 3.5 stars from Cameron Adams.

CHAMBERS is back with her 11th studio album.

Ed Sheeran wants Beyonce collaboration

Ed Sheeran wants to record a duet with Beyoncé.

By the water's edge

Secure your seachange

HOT PROPERTY: Money to spend on land, buildings

File picture.

Sale, leasing of industrial real estate picks up in Mackay

Collapsed Coast company could owe up to $5 million

Staff, ATO, landlords among those out of pocket.

Ipswich block of dirt sells for $582 a square metre

JUST SOLD: A property on the Brookwater golf course sold for a record-breaking $612,000.

Property smashed 2007 record by close to $100,000

Sunday auction for historical home

Former Catholic school sure to attract spirited bidding

Ready to SELL your property?

Post Your Ad Here!