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 be found here.
