Contractors must use the formats provided in the below Post Award Exhibits. Contractors are required to justify their Economic Price Adjustment (Clause 552.216-70), Price Increases above 10% and 25% for paper products with letters from their suppliers or any other sources that are applicable.
Previously, the victory tax was applied to all medalists' reward money and the value of their medals. During the last Olympics, gold medalists received a sum of $25,000, silver medalists raked in $15,000, and bronze winners collect $10,000 â all of which were taxed as income. Meanwhile the value of medals were roughly $600 for gold, $300 for silver, and only $4 for bronze (which are mostly made out of copper).
Therefore, prior to Division 293, an individual who was paying the highest marginal tax rate of 45% on their annual income received a concession of 30% - as they only paid 15% tax on their low-tax (generally employer) contributions to a complying superannuation fund.n order to calculate the Division 293 tax, we must first determine the taxable amount, being the lesser of: Â· Income for Division 293 purposes less the threshold of $300,000, or. Â· Low tax contributions.