The proposal to increase superannuation tax on earnings on member balances > $3m from 15% to 30% (i.e. 30% tax rate on the proportion of earnings >$3M only) was introduced to parliament on 30 November 2023 and is unlikely to be debated until April 2024. With considerable industry opposition to the lack of indexation to […]
Super Improvements High income earners with more than one employer (eg Company Directorships) can from 1 Jan 2020 opt out of having the 2nd or 3rd employer paying compulsory superannuation where an individual will exceed the concessional cap of $25k. This avoids a member being forced to deal with excess contributions. For the first time […]