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Article: HIGH INCOME AUSTRALIANS MAY FEEL BUDGET HIT IN TAX, SUPER.
- Article from:
- AsiaPulse News
- Article date:
- May 8, 2009
CopyrightCOPYRIGHT 2009 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SYDNEY, May 8 Asia Pulse - High-income earners have been told to top up their superannuation and bring forward any purchase of luxury cars ahead of next week's federal budget.
Financial planners Prosperity Chartered Accounting and Financial Planning says higher income earners could be subject to tax hikes on their superannuation contributions.
The government impost on luxury cars could increase also.
The financial planning firm warns that superannuation contributions above A$50,000 (US$37,737.5) could be taxed by as much as 46.5 per cent after the May 12 budget, compared with 15 per cent now.
"Superannuation is certainly on the ...