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Ultimately, superannuation is a system of mandatory saving coupled with tax concessions. As of 30 March 2022 [update] , Australians have AU$3.5 trillion invested as superannuation assets, making Australia as a nation the 4th largest holder of pension fund assets in the world. [ 5 ]
The following concession cards are issued by Centrelink: Health Care Card – primarily entitles holder to PBS medications at the concession rate. This green paper card is the basic and most common Health Care Card which is sent to a recipient of a payment by post shortly after receiving their first payment and then each year before expiry, if ...
"In essence, this money has been stolen from all of us for all these years," said an 84-year-old woman whose late husband's Social Security benefits were slashed. "It's not fair."
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 ...
Image source: Getty Images. 1. Monthly benefits will be higher in 2025. The most notable change to Social Security benefits in 2025 should be good news.
The Social Security Fairness Act is expected to be signed Monday, according to advocates for police and firefighters.
If an asset is held for at least 1 year then any gain is first discounted by 50% for individual taxpayers, or by 33.3% for superannuation funds. Capital losses can be offset against capital gains. Net capital losses in a tax year cannot be offset against normal income, but may be carried forward indefinitely.
The Social Security Fairness Act cleared a key procedural hurdle Wednesday, soaring past the 60 votes it needs to advance by a vote of 73-27. This puts the legislation on a glide path toward final ...