Search results
Results from the WOW.Com Content Network
Superannuation in Australia, or "super", is a savings system for workplace pensions in retirement. It involves money earned by an employee being placed into an investment fund to be made legally available to members upon retirement.
While taxable components do not change the tax payable by the superannuation fund, they may be a factor in calculating the tax payable on withdrawals from a super fund. Non-concessional contributions (also referred to as "undeducted" or "after-tax" contributions) are contributions for which no-one has or will receive a tax deduction.
The Australian Taxation Office (ATO) is an Australian statutory agency and the principal revenue collection body for the Australian Government. The ATO has responsibility for administering the Australian federal taxation system , superannuation legislation, and other associated matters.
First date for lodgements of MySuper applications 14 February 2013: Sunsuper is the first superannuation fund awarded a MySuper authority 28 June 2013: Final regulations released 1 July 2013: MySuper products can be launched 1 January 2014: Only authorised MySuper products can receive default super contributions from an employer 1 July 2017
Part IVA of the 1936 Tax Act is a General Anti Avoidance Provision (‘GAAR’) which can apply to strike down any Australian income tax benefits arising from a scheme where the Commissioner of Taxation, who is the head of the Australian Taxation Office, can successfully establish that the dominant purpose of a party involved in the transaction ...
AustralianSuper is an Australian superannuation fund headquartered in Melbourne, Victoria.It is an industry super fund, and so operates through a mutual fund structure.. With over A$ 340 billion of retirement savings under management and more than 3.4 million members, AustralianSuper is the largest superannuation fund in Australia and the sixteenth largest pension fund in the world.
Income tax is collected on behalf of the federal government by the Australian Taxation Office. The two statutes under which income tax is calculated are the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997; the former is gradually being re-written into the latter. Taxable income is the difference between assessable income ...
The review was commissioned as one of the specific outcomes from the Australia 2020 Summit held in April 2008 [citation needed].. The review was a "root and branch" review, restricted only in that it could not consider increasing the rate or broadening the base of the Goods and Services Tax, imposing tax on superannuation payments to retirees over 60 years of age, or already-announced personal ...