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Employed individuals who have reached preservation but are under age 65 may access up to 10% of their superannuation under the Transition to Retirement (TRIS) pension rules. [33] An Australian worker who has transferred funds from their New Zealand KiwiSaver scheme into their Australian superannuation scheme, cannot access the ex-New Zealand ...
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.
The Superannuation Industry (Supervision) Act 1993 is an Australian labour law statute that regulates superannuation in Australia. See also. Australian labour law;
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.
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]
From 1 July 2005, choice of fund rules came into effect, giving most Australian employees the option to choose the fund into which their employers paid their superannuation contributions. [9] [10] In practice, over 75% of workers remained with their employer’s default fund, which was usually an industry fund. From this time, industry super ...
Australia has a system of "codetermination" or member nominated trustees in its pension, or 'superannuation' funds. Since the Occupational Superannuation Standards Act 1987 , the Occupational Superannuation Standards Regulations (SR 1987 No 322) regulations 13 and 15 required that equal member nominated trustees was required, or at least one ...
At the time, the regulators of the Australian financial services industry were based on the institutions and not the regulatory function. APRA's predecessor regulators were the Insurance and Superannuation Commission, the Reserve Bank of Australia and the Australian Financial Institutions Commission (AFIC). The Wallis Inquiry recommended a new ...