Surcharge Sham Ends
The 15% superannuation surcharge, which was announced in 1996 as a "fairness" tax on "high" income earners in the first Howard government budget that chopped into Labor welfare, has been removed in the 2005 budget effective from 1 July 2005. The spin this time is that its removal will provide more incentive for "middle" income earners to save. This tax was without doubt the most inefficient revenue measure ever used by any government and good riddance to it!
Posted Tuesday, 10 May 2005
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