I recently engaged in a discussion with people who are worried that they might be “U.S. Persons” living in Australia. Their primary concern (and understandably so) is the possible U.S. taxation of their Australian Superannuations. For many, the “Super” is considered to be their most important retirement planning asset.
Tag Archive for Superannuation
Whilst not law currently, it appears the controversial increase to the tax rate of Superannuation contributions for high income earners is due to come into effect on July 1, 2013. This will mean that if you earn over $300,000, you will pay 30% instead of 15% on Superannuation contributions. This is double the current tax rate! Any opinions on this from a Superannuation specialist?