Increased tax on Super contributions
During its last term in office, the Federal Labor party introduced a superannuation charge for people earning more than $300,000 annually, taxing these people’s contributions at 30 per cent, while everyone else pays 15 per cent on contributions.
In April 2015 the Federal Opposition (Labor’s Bill Shorten) proposed to lower the threshold to double the superannuation tax on contributions to 30% for many Australians to raise more than $5 billion over a decade.