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Contributions to superannuation funds are subject to two types of "caps", and a third has been proposed in the 2016 federal budget. The annual concessional contributions cap since 2014/15 has been $30,000, with the cap for people over the age of 49 at the start of each year being $35,000. [5]
There are about 500 superannuation funds operating in Australia. Of those, 362 have assets totalling greater than $50 million. Superannuation assets totalled $2.7 trillion at the end of the June 2018 quarter, a new record according to the Association of Superannuation Funds of Australia. [58] There are different types of superannuation funds:
On 1 July 2021, the pension age became 66 years and 6 months, and from 1 July 2023, the pension age will increase to 67, the proposed cap. [ 28 ] a residency requirement requires an applicant to have been a resident in Australia for the last 10 years, with no break in residency for 5 of those years, and be in Australia on the day the ...
This is done as part of the AER’s determination of the Default Market Offer (DMO) which acts as a price cap for retail electricity prices. [26] [27] ACIL Allen developed the methodology for setting the wholesale component of regulated retail electricity prices for the Queensland Competition Authority (QCA) in 2013. Since then (2013 – 2021 ...
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).
2 May – The Rudd Government announces it will tax the above-normal profits—known as super profits—of the mining industry to fund a superannuation rise and a company tax cut. [30] 11 May – The 2010 Australian federal budget was released by the Treasurer of Australia, Wayne Swan.
The government's tax plan had three components: reducing the corporate tax rate to 28% and introducing investment incentives for small business; increasing the compulsory employee superannuation rate to 12% to increase the savings base; and eliminating state-based mining royalties, establishing a $5.6 billion infrastructure fund to support ...
The franchise, named after Pro Football Hall of Fame coach and commentator John Madden, has sold more than 130 million copies as of 2018. [1] From 2004 until 2022, it was the only officially licensed National Football League (NFL) video game series, and has influenced many players and coaches of the physical sport.