Extra tax for High Income Earners

One of the pieces of legislation that the current government did not repeal is that of an extra tax on high income earners. The ATO has announced that 2013 tax assessments under Division 293 will begin to be issued in February. These are assessments for an additional tax of 15% where income and concessionally taxed super contributions for a person exceed $300,000. Funds to pay this extra tax may generally be released out of the member’s superannuation interests, under a release authority that will be issued with the relevant assessment.

Details on how the tax is calculated can found here.

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