Thats interesting because I nor any of my friends can find anything out about this. And as our budget is not set until May I will wait and see. Also the article was talking about Superannuation funds not bank deposits two completely different things. Point missed in the article is that tax on inputs into superannuation from wages etc are taxed at a rate of 15% a rate much lower than normal salary taxation. Companies are forced to contribute 9% of your wages into a superannuation fund. This contribution taxed at 15% is deducted from your salary taxable income. therefore you pay less income tax Also if you chose to add any money you have paid tax on from salary to investments etc goes into superannuation TAX FREE.
What has been said is that people earning over a$300,000 a year in income will no longer get lower tax concessions on money put into superannuation. I think at the moment something like 75% of the government tax rebates go to the plus $300,000 income bracket whilst the remaining population only gets 30% between them. Do I agree with this....Sure do. Why should I on a low income give tax concessions to someone earning $300,00 a year. If you earn $300,00 a year and can't save for your own retirement don't come looking for me to help you
And if you worry about bank deposits look here
Australian Government Deposit Guarantee Guide | Canstar
The government guarantees the first A$250,000 in your savings account. And apparently that is for each account you own......no limit
