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From the 2012-2013 financial year to the 2016-2017 financial year, superannuation contributions are available for individuals with income not in excess of $37,000. [43] The Government offsets a maximum of $500 and a minimum of $20, calculated at 15% of a low income earners total superannuation contributions. [44]
In the 2016 federal budget, the government proposed to reduce, effective 1 July 2016, the annual before-tax contributions limit to $25,000. Since 2014/15, the annual non-concessional contributions cap was $180,000 (or $540,000 in a three-year period under the bring-forward rule [7]), up from $150,000 and $
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.
As at July 2018, the major retail super funds were: AMP Flexible Super; Bendigo Smart Start Super (Bendigo Bank)Mercer; ING Direct Living Super (ING Australia).In December 2015, ING had AU$1.6 billion in super funds under management, with 34,000 active superannuation accounts in 2014.
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The IRS released the maximum annual contributions to 401(k) and similar retirement accounts along with IRAs. Retirement contribution limits for 2023 jump by record amount [Video] Skip to main content
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.