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In media release No 2012/041, issued 1 July 2012, the Minister for Employment and Workplace Relations and Minister for Financial Services and Superannuation, Bill Shorten, reminded Australians that from 1 July 2012, low income individuals earning up to $37,000 a year will effectively pay no tax on their superannuation contributions. The measure is known as the Low Income Superannuation Contribution. Most people pay 15% tax on their superannuation contributions.


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