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The 2014 federal budget deferred the proposed 2018 SG rate increases by 3 years, with the 9.5% rate remaining until 30 June 2021, and is set to have five annual increases, where the SG rate will increase to 12% by July 2025. However, there have been lobbying that suggests that the SG rate should remain at the current rate of 9.5% or make ...
The taxable income of a superannuation fund is taxed at a flat rate of 15%; however, concessional contributions of those members whose taxable income exceeds $300,000 are subject to a rate of 30%. In the 2016 federal budget, the government proposed to reduce, effective 1 July 2017, the threshold when the tax rate of 30% comes in to members ...
[citation needed] The first taxes in Australia were raised to help pay for the completion of Sydney's first jail and provide for the orphans of the colony. Import duties were put on spirits, wine and beer and later on luxury goods. [citation needed] After 1824 the Government of New South Wales raised extra revenue from customs and excise duties.
A capital gains tax (CGT) was introduced in Australia on 20 September 1985, one of a number of tax reforms by the Hawke/Keating government. The CGT applied only to assets acquired on or after that date, with gains (or losses) on assets owned on that date, called pre-CGT assets, not being subject to the CGT.
The Future Fund is an independently managed sovereign wealth fund established in 2006 to strengthen the Australian Government's long-term financial position by making provision for unfunded superannuation liabilities for politicians and other public servants that will become payable during a period when an ageing population is likely to place significant pressure on the Commonwealth's finances.
The 2023–24 Australian federal budget is the federal budget to fund government services and operations. The budget was presented to the House of Representatives by Treasurer Jim Chalmers on 9 May 2023. It was the second budget handed down by the Australian Labor Party since their election to government in 2022.
Despite that history, Slattery’s current company, Youth Services International, has retained and even expanded its contracts to operate juvenile prisons in several states. The company has capitalized on budgetary strains across the country as governments embrace privatization in pursuit of cost savings.
Each portfolio is led by one or more government ministers who are members of the federal parliament, appointed by the governor-general on the advice of the prime minister. [1] As of December 2023, there are 1,334 government entities reportable to the Australian Government Organisations Register. This includes: [2] [3]