Percentage game

Article Abstract:

Australia's super surcharge laws are extremely hard on higher income earners, especially members of defined benefit funds who sometimes end up paying more in surcharge liability than they earn from the fund. The Australian Tax Office has given defined benefit fund members few tax bill payment options.

Defined benefit plans

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No savings grace

Article Abstract:

The Australian Taxation Office has indexed its superannuation thresholds at a rate higher than current super fund earning rates. The standard lump-sum reasonable benefit limit (RBL) will be increasing to 588,056 dollars from July 1, 2003.

Pensions, Powers and duties, Australia. Australian Taxation Office

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Levy brakes

Article Abstract:

Taxpayers who face potential resonable benefit limit (RBL) problems can find an unexpected bonus in the unpopular superannuation surcharge.

Taxes

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