The biggest tax penalty Australia has ever seen is about to be paid.
It’s estimated the tax bill will reach $1.1 billion this financial year, which will bring the total to $2.6 billion.
It has been estimated the superannuity tax bill could hit more than $400 million.
“That is a very large tax bill,” Mr Abbott said.
“It’s a very big tax burden, and the Government is determined to pay it.”
We’re determined to bring it down.
“The government says it will not seek to recoup the tax on superannuities by changing the laws.
But the Prime Minister’s Department says the tax will come back to taxpayers and there is no indication it will be reduced.
The Prime Minister is facing a backlash for his handling of the super tax, which has been called an “unprecedented” and “unacceptable” assault on taxpayers.
He has said he has “no intention” of reducing the tax.”
In fact, the tax has been increased,” Mr Andrews said.
It comes as Mr Andrews announced a plan to boost public investment in a state that was the world’s worst performing economy in 2015.
The new Government is set to spend $100 million a year on infrastructure projects, with $10 million allocated to public transport.
It will also invest $100m to support the construction of new schools and schools, as well as $200m to increase the supply of childcare services and $100million to provide new health care and education services.
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