Another Discriminatory Tax on The Rich

The ATO strikes again, this time through changes in superannuation rules.

The changes mean that "tens of thousands of Australians will be forced to pay almost half a billion extra tax for stepping over limits on their superannuation contributions."

The tax will be known as "Division 293." It applies to both an individual's income and pre-tax superannuation contributions. If the combined total of both is more than $300,000, the individual is liable to pay an extra 15 per cent tax on top of the 15 per cent tax on super contributions.

The outrage that should otherwise be the case is offset by an even harsher reality. Pitcher Partners' Perth executive director Julie Strack points out that "the rich are still better off" with a tax to super contribution compared to the top 49% tax bracket.

 

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