Senator the Hon Penny Wong
Minister for Finance and Deregulation
9 May 2012
Media reports tonight suggesting the changes to the superannuation tax concession for very high income earners announced in the Budget will not apply to politicians earning over $300,000 is incorrect.
The measure will apply to all members of both accumulation and defined benefit schemes whose adjusted taxable income exceeds the $300,000 threshold and who make a personal contribution to their super.
Under the changes, the concessional tax on superannuation contributions will be reduced from 30 to 15 per cent.
This policy will apply to all individuals earning over $300,000, whether they are politicians, corporate CEOs or public servants.
The Government will put in place arrangements for the proposal to ensure equity for all superannuants.
Administration of these arrangements have been provisioned for.
All politicians earning over $300,000 will receive the same tax treatment as any other individual.