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The top 3 percent of workers could be in trouble this federal budget with persistent whispers in Canberra that the tax rate on super contributions could double for the people who earn more than $180,000 a year. 

Obviously by introducing this measure the current limit would be reduced from $300,000 to $180,000 imposing a 30 percent tax rate on the super contributions of tax payers in this taxable income range. Everybody else pays 15 per cent tax. At the moment the higher tax kicks in when before tax income plus super contributions exceeds $300,000.

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With budget night fast approaching, there is more and more press regarding potential superannuation changes that be made to both Superannuation Contribution limits and also pension or assessing of your super via an income stream.

With all of the uncertainty that currently exists, we suggest you contact your accountant if you are over the age of 55 and not currently drawing a pension from your superannuation. Your accountant will be able to advise the taxation implications of such a pension and talk you through this.

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