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Superannuation is a tax-advantaged method of saving as the 15% tax rate on contributions is lower than the rate an employee would have paid if they received the money as income. The federal government announced in its 2006/07 budget that from 1 July 2007, Australians over the age of 60 will face no taxes on withdrawing monies out of their ...
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 ...
Prior to 1992, superannuation was common among workers; often enforceable through contribution requirements within industrial awards. Due to the variation in award agreements, superannuation requirements were inconsistent across industries. The Keating Government changed this by legislating a uniform compulsory ‘Superannuation Guarantee ...
In September 2018, ISA arranged a deal by 19 industry super funds to consolidate superannuation accounts of all of their members. Involving half a million inactive accounts containing few funds, it is estimated that it may collectively save its members around A$100 million a year in what they would otherwise pay in fees and life insurance premiums.
A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides retirement income. The U.S. Government's Social Security Trust Fund, which oversees $2.57 trillion in assets, is the world's largest public pension fund. Pension funds typically have large amounts of money to invest and are the ...
The guarantee might also translate to more favorable loan terms, like a lower interest rate — but also means paying additional costs, such as mortgage insurance or fees.
Credit - Top row: Marco Di Marco—AP; Sofiia Gatilova—Reuters; Leo Correa–AP; Amr Alfiky—Reuters; John Moore—Getty Images; Bottom row: Anna Moneymaker—Getty Images; Jerome Brouillet ...
The booming U.S. stock market will help keep the dollar expensive as global investors pour money into America, a foreign exchange strategist said. But the politics of any trade deals that the ...