Assistant treasurer Josh Frydenberg has today announced the Senate has passed provisions for the removal of punitive tax rates on excess super contributions.
Mr Frydenberg said the Tax and Superannuation Laws Amendment (2014 Measures No.7) Bill will make the “taxation of excess after-tax superannuation contributions fairer”.
“This honours our election commitment to make sure inadvertent breaches of the non-concessional contributions cap do not incur a disproportionate penalty," he said.
The minister said the new approach will be fairer to those who make mistakes while discouraging those who embark on aggressive tax planning strategies.
“Passage of this Bill represents another important step towards as a stronger, more sustainable economy and a fairer tax system.”
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