News

Fund withdrawal tax passed

Friday 29th of September 2000
Legislation introducing the five per cent withdrawal tax on superannuation funds has finally been passed, but in quite a different shape to that proposed in the first cut of the bill earlier this year.

The tax is designed to stop high income earners using superannuation funds as a way of avoiding the top tax rate.

Theoretically people who earn more than $60,000 annually could channel...

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