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
- Overtime Meal Allowance Amounts
- Cents per km deduction rate for motor vehicle expenses
- The 'sharing economy' in the ATO's sights
- Tax time is prime time for scams
- ATO warns about iTunes scammers
- ATO reminder about 30 June SuperStream deadline
- New Simpler BAS on the way
- ATO's continuing focus on trust property developers
- SMSFs and Collectables – last opportunity to comply!
- Contractor payments data matching program