Reduction in tax concession for high income earners

From 1 July 2012, individuals with income greater than $300,000 will have the tax concession on their contributions reduced from 30% to 15% (excluding the Medicare levy).

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

Media release

For more information, refer to media release no 024/2012 issued on 8 May 2012 by the Minister for Financial Services and Superannuation and Minister for Employment and Workplace Relations.

More information

Refer to the 2012-13 Budget - Budget paper No 2 (PDF 1.4MB) - pg 41.