A New Dawn for Savings?
For the first time in 15 years some positive policy has been implemented for long term savings. Legislation was finally passed through the Senate last night to reduce the 15% superannuation surcharge on contributions to 12.5% for higher income earners and to introduce a $1 for $1 subsidy on contributions by lower income earners. These changes start to apply from 2003/2004 tax year with the surcharge reduction spread over 3 years.
Posted Tuesday, 28 October 2003
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