Top earners to have reduced concessions

Backdated to July 1, 2012, the legislation reducing superannuation contributions tax concessions to top earners has only recently passed Parliament.

It may have been overshadowed by more recent legislation changes but you may recall that under this measure individuals earning an adjusted taxable income of more than $300,000 will have their contributions tax rate doubled from the flat rate of 15% to 30% (excluding Medicare levy). So it will apply for 2012-13.