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Superannuation Contributions Tax to Double
From 1 July 2012, individuals with ‘income’ greater than $300,000 will have the tax concession on their concessional contributions reduced from 30% to 15% (excluding the Medicare levy). This means that the tax rate on concessional contributions will effectively double from 15% to 30% for very high income earners from 1 July 2012. There will still be an effective tax concession of 15% (up to the concessional contributions cap of $25,000) for these high income earners.
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