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In 1996, the federal government imposed a "superannuation surcharge" on higher income earners as a temporary revenue measure. During the 2001 election campaign, the Howard government proposed to reduce the surcharge from 15% to 10.5% over three years. The superannuation surcharge was abolished by the Howard government from 1 July 2005.
That’s down from 3.2% this year but in line with the 2.6% average over the past two decades. Starting in January, the increase will add a little under $50 to the average monthly benefit of ...
In the 2016 federal budget, the government proposed to abolish, effective 1 July 2017, the exemption for investment income on a retirement phase account if the balance in the account exceeds $1.6 million. Where all the members of a fund are retired with balances below this threshold then the whole of the fund's income is tax exempt.
For those 65 and over, 11.6% of retirement accounts have balances of at least $1 million, more than twice that of the $407,581 average (shown). Those 65 and over have a median net worth of about $250,000 (shown), about a quarter of the group's average (not shown). [1]
Sweet 401(k) balances. The number of folks with $1 million or more saved in their 401(k) accounts jumped 20% from September to the end of December, according to Fidelity Investments.
This precarious balance has defined America from the beginning. In 1791, more than $75 million in Revolutionary War-era debt was acquired, about $2.5 billion today. The debt also makes for a great ...
For those 65 and over, 11.6% of retirement accounts have balances of at least $1 million, more than twice that of the $407,581 average (shown). Those 65 and over have a median net worth of about $250,000 (shown), about a quarter of the group's average (not shown). [1]
Trade unions agreed to forgo a national 3% pay increase for their members, which would instead be put into the new superannuation system for all employees in Australia. This was matched by employers' contributions which were set to increase over time. Following this, 72% of Australian workers were covered by retirement savings schemes. [8]