In November 2010, these co-contribution announcements became law.
4. Change the Excess Contributions Penalties Regime:
SuperGuidehas been very vocal on the issue of excess contributions tax, and how the tax is administered. Mr. Shorten, you must realise that penalising Australians with up to 93% tax on super contributions, because of ridiculously low contributions caps that have been poorly implemented by the Government, is unfair and a serious political risk for a minority government.
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Your colleagues have chosen to largely ignore this issue, which means you may not be familiar with the financial issues at stake. Although the Government has promised to give the ATO a discretionary power when considering excess contributions from the 2010/2011 year, the following SuperGuide articles may give you some insight into what Australians are facing when trying to stay within the contributions caps:
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About the Author
Trish Power is an author and journalist who lived a former life as a superannuation tech-head. She is the author a number of books on super and investing, including super bible, Superannuation For Dummies, 2nd Edition (Wiley). Trish describes much of her financial writing as educative journalism. She is passionately committed to raising the level of financial literacy in Australia and empowering individuals to improve their financial circumstances. She is also the founder of SuperGuide.com.au - a free superannuation resource for all Australians.
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