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HomeSMSF NewsSuperannuation contributions tax to double to 30% for high income earners

Superannuation contributions tax to double to 30% for high income earners

In the 2012 Federal Budget, the Government announced an increase in contributions tax from 15% to

30% on concessional contributions for individuals with income greater than $300,000 – to be effective 1 July 2012.

The administrative arrangements such as whether the additional 15% tax will be imposed at the Super Fund level or the Individual level is yet to be announced.

The definition of income for this measure includes taxable income, concessional superannuation contributions, adjusted fringe benefits, total net investment loss, target foreign income and tax free government pensions and benefits less child support.

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Diana Morris founded The SMSF Accountant in 2010. Diana is a member of the Institute of Chartered Accountants, holds a current public practice certificate, and is a registered tax agent. Diana has completed a Bachelor of Commerce degree and a Graduate Diploma of Chartered Accounting.