Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
 Download Current HansardDownload Current Hansard    View Or Save XMLView/Save XML

Previous Fragment    Next Fragment
Wednesday, 15 May 2013
Page: 3204

Mr SHORTEN (MaribyrnongMinister for Financial Services and Superannuation and Minister for Employment and Workplace Relations) (10:30): I move:

That this bill be now read a second time.

This measure was announced in the 2011-12 budget.

This bill will improve the fairness of the taxation of the superannuation system.

Higher income earners receive a higher superannuation tax concession than average income earners. This bill will impose a 15 per cent tax on concessional superannuation contributions made from 1 July 2012 of individuals with income above $300,000. This reduced tax concession will be more closely aligned with the concession received by all other Australians.

Full details of the measure are contained in the explanatory memorandum.

Debate adjourned.