Higher contributions tax for those on over $180,000: Mercer

Extending Division 293 tax to everyone on the highest income bracket is one of the four points in a plan to improve the superannuation system released by consulting firm Mercer.

The four points of the plan are:

Returning super contributions: age, tfn, fund capped & mistakes

There are certain circumstances in which a super fund is required to return a superannuation contribution received:

  • Age restricted
  • Tax File Number
  • Fund Capped Contributions

Though it is also possible for a super fund to return a contribution that was