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Members who have a balance in a retirement phase account in excess of this limit will have until 30 June 2017 to either return the excess funds into accumulation phase or take the money out of superannuation. Retirement phase accounts in excess of this limit will be taxed at 15% on earnings, the same as for an accumulation phase account.
This means that for most Australians, the tax on their money sent to a superannuation account is less than the tax on money sent to their bank account. Australians can contribute additional superannuation beyond the 12% minimum, subject to limits. The maximum amount that may be contributed per year is $30,000. [3]
A tax file number (TFN) is a unique identifier issued by the Australian Taxation Office (ATO) to each taxpaying entity—an individual, company, superannuation fund, partnership, or trust. [1] Not all individuals have a TFN, and a business has both a TFN and an Australian Business Number (ABN).
Capital gains tax (CGT) in Australia is part of the income tax system rather than a separate tax. [22] Capital gains tax was introduced by the Hawke Labor government in September 1985 and allowed for indexation of the cost base of the capital asset to the Consumer Price Index , to account for annual price inflation .
AustralianSuper is an Australian superannuation fund headquartered in Melbourne, Victoria.It is an industry super fund, and so operates through a mutual fund structure.. With over A$ 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.
The Australian Reward Investment Alliance (ARIA) is a superannuation trustee for Australian Government employees. It manages three superannuation schemes, the Commonwealth Superannuation Scheme (CSS), the Public Sector Superannuation Scheme (PSS) and the Public Sector Superannuation Accumulation Plan (PSSap).
In 1884, a general tax on income was introduced in South Australia, and in 1895 income tax was introduced in New South Wales at the rate of six pence in the pound, or 2.5%. [6] Federal income tax was first introduced in 1915, in order to help fund Australia's war effort in the First World War . [ 7 ]
In the 2012–13 financial year, the ATO collected revenues totalling $313.082 billion in individual income tax, company income tax, goods and services (GST) tax, excise and others. [ 6 ] Former employee Richard Boyle has alleged that there was a culture within the ATO to increase the use of garnishee notices , which allow the ATO to access ...