The Abbott Government has announced the following changes to the taxation of superannuation:
. Increase the tax on superannuation paid by workers earning less than $37,000 from 0% to 15%
. Reduce the tax on superannuation paid by workers who earn over $300,000 from 30% to 15%
In effect Tony Abbott is taking from the lower paid workers, and giving to the higher paid workers.
The changes undo reforms introduced by the Labor Government to boost the retirement savings of low paid workers while ensuring the country’s top earners pay their fair share of tax.