Tinkler sells half of Whitehaven stake for $300m, Less tax on excess concessional super contributions: Midday roundup

Nathan Tinkler has sold part of his stake in Whitehaven Coal to San Francisco-based hedge fund Farallon Capital Management for $300 million.

Farallon now has a 16.62% stake in Whitehaven Coal and it is reported other investors are picking up the rest of Tinkler’s 19% stake today.

Tinkler recently became the sole director and shareholder of Bentley Resources, a new company in Singapore. He moved to the country with his family last year.

Less tax on excess concessional super contributions

Individuals will be able to withdraw excess concessional contributions made from July 1, 2013 from their super fund without incurring penalties, thanks to legislation introduced in federal Parliament today.

Concessional contributions in excess of the annual cap are currently taxed at 46.5%, the top marginal tax rate.

The changes will allow low and middle-income earners to now be taxed at the marginal rate, meaning they will no longer unintentionally breach the concessional contributions cap.

The concessional cap is set at $25,000 for the majority of working Australians.

Shares rise on open

Australian stocks were up this morning, ahead of the US Federal Reserve’s decision tomorrow whether or not to rollback its economic stimulus program.
The S&P/ASX 200 benchmark increased to 4839, up 24.6 points just after midday with the energy sector was tracking well, up 149.3 points to 12,820.5.

The Dow Jones closed 0.91% higher overnight, up 138.38 points to 15,318.23.