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Budget 2005: Superannuation tax revenue increases.

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Senator Nick Sherry

Labor Senator for Tasmania S h a d o w M i n i s t e r f o r F i n a n c e a n d

S u p e r a n n u a t i o n


May 11, 2005

Superannuation Tax Revenue Increases

Exclusive Super Tax only for high income earners on more than $99,700

The tax slug on Australian’s superannuation will reach record levels by 2008-09, it was revealed in last night’s Budget.

$6.5 billion will be collected in 2008-09. This is up from $1.6 billion in 1995-96 - a more than four fold increase.

The Exclusive Tax Cut

This new revenue estimate is after the abolition of the tax surcharge for high income earners.

A tax cut for those earning more than $99,700* a year, with the greatest benefit gained by those earning $121,075* a year or more.

A $2000 a year plus super tax cut for many above $121,000* who have contributions of 15 p.c. or more.

The government is correct when it says it “will provide a significant boost to the superannuation savings of Australians currently affected”. It will be an exclusive boost for less than 5 p.c. of the population.

The government refers to its 2004 election statement “Super for all and Understanding Money”.

Where is the super tax cut for all?

*surchargable tax income

For more information contact Nick Sherry 0418 482 807