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Superannuation funds can claim a capital gains tax discount where the asset has been owned for at least 12 months. The discount applicable to superannuation funds is 33%, reducing the effective tax rate on capital gains from 15% to 10%. [8] No discount or adjustment is available if an asset is sold at a loss.
An employee may request that their employer makes all or part of future payments of earnings into superannuation in lieu of making payment to the employee. Such an arrangement is known as "salary sacrifice", and for income tax purposes the payments are treated as employer superannuation contributions, which are generally tax deductible to the ...
The PAYG system involves regular payments made by employers and other payers, for example, superannuation funds. It is used to collect by instalments income tax, HELP repayments, Medicare and other payments. PAYG amounts to be withheld are determined based on the Australian Taxation Office (ATO) PAYG schedules. [9]
A tax file number (TFN) is a unique identifier issued by the Australian Taxation Office (ATO) to each taxpaying entity—an individual, company, superannuation fund, partnership, or trust. [1] Not all individuals have a TFN, and a business has both a TFN and an Australian Business Number (ABN).
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.
Retirement plans may be set up by employers, insurance companies, the government, or other institutions such as employer associations or trade unions. Called retirement plans in the United States, they are commonly known as pension schemes in the United Kingdom and Ireland and superannuation plans (or super [3]) in Australia and New Zealand.
Employers, or a group of related businesses, whose total Australian wages exceed the current NSW monthly threshold, are required to pay NSW payroll tax. Each monthly payment or 'nil' remittance is due seven days after the end of each month or the next business day if the seventh day is a weekend (i.e. August payment is due by 7 September).
Rest Super (formally Retail Employees Superannuation Trust) [3] is an Australian industry superannuation fund established in 1988. It is one of Australia's largest superannuation funds by membership, with around 1.9 million members as at June 2022. Rest currently manages more than $80 billion in funds. [2] [4] [5]