Tax Notes International --- Page: 1009-1011 : 25 December 2006 Original article by Philip Burgess
ABIX Summary
Major changes to the taxation of superannuation was one of the highlights of the 2006 tax year in Australia. The changes were announced in the Federal budget, which also saw the top income tax rate reduced from 47 per cent to 45 per cent, with the threshold for the top bracket increasing from $A95,000 to $A150,000. The budget also allocated additional funds to the Australian Taxation Office (ATO) to help it with its efforts to curtail tax avoidance, which has been one of its major focuses in recent years. Michael D'Ascenzo was appointed as the ATO's new commissioner at the start of 2006.
