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



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