Shadow Assistant Treasurer Senator Mathias Cormann on Thur 24.5.2012, said that, following Senate Estimates hearings today, confusion reigned over the Government’s new super tax on people earning more than $300,000, “with no clear idea on who is likely to pay the tax and who isn’t”.
On 9 May 2012, Senator Cormann said Finance Minister Penny Wong “wrongly stated that the tax would apply only to those people earning more than $300,000 who make personal contributions to their super”. He said this comment prompted Superannuation Minister Bill Shorten to “directly contradict his ministerial colleague and state emphatically that the new tax would apply to all people who earn more than $300,000”. But, Senator Cormann said that in Senate Estimates on Thur 24.5.2012, David Tune, Secretary of the Department of Finance and Deregulation, said that the tax may not apply to some judges who were members of Constitutionally protected super schemes.
According to Senator Cormann, Mr Tune was prevented by Minister Wong from answering further questions about the application of the new tax on people earning more than $300,000 in other Constitutionally protected super schemes.
Mr Tune also suggested that the necessary legislation may not be in place by 1 July 2012, which is the proposed starting date of the new tax, Senator Cormann said.
Source: Shadow Assistant Treasurer media release No 12/0524/PK, 24 May 2012
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