Budget News – Super “Surcharge”

For people with adjusted taxable income over $300,000 p.a., the 15% contributions tax will no longer apply as of 1 July 2012. Instead, the rate will go to 30%.

Given that the maximum concessional contribution from 1July is $24,000 the maximum additional tax will be $3,750. Annoying – YES, but Budget papers suggest this could raise upwards of $1billion