Bill Shorten (Maribyrnong, Australian Labor Party, Minister for Financial Services and Superannuation) Share this | Link to this | Hansard source

I move:

That this bill be now read a second time.

This measure was announced in the 2011-12 budget.

This bill will improve the fairness of the taxation of the superannuation system.

Higher income earners receive a higher superannuation tax concession than average income earners. This bill will impose a 15 per cent tax on concessional superannuation contributions made from 1 July 2012 of individuals with income above $300,000. This reduced tax concession will be more closely aligned with the concession received by all other Australians.

Full details of the measure are contained in the explanatory memorandum.

Debate adjourned.