According to Australian legislation employers are obliged to make a super contribution to a complying super fund on behalf of the employers. Employers are obliged to make at least 4 super guarantee payments to the employee super fund each year. These contributions are currently at 9 percent phased to be gradually increased to 12 percent. It started in 1988 when Paul Keating decided to give 3 percent national wage raise in the form of superannuation contribution paid by employers. Currently, the minimum percentage employer needs to contribute has raised to 9.5% and is expected to grow further …
How are superannuation Concessional Contributions Taxed under Australian law
Concessional superannuation contributions are the contributions paid with pre-tax money, such as employer and salary sacrifice contributions and personal contributions that you have or will claim for tax deductions. Under Australian law, any person who is under 65 is allowed to make a contribution to his super account, and if you are under 65 years of age there is no employment test that needs to be satisfied. In case if you have reached 65 years of age there are minimum hours of work criteria that need to be met for the employee to do concessional contribution into his super. This type …
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What is superannuation
Superannuation is an investment scheme, that's been designed to accumulate wealth in working life and support you financially while you retire. The money comes from contributions made into your super fund by your employer or you and, ideally, and or topped up by your own money. The sole purpose of this is that members are benefited when they intend to retire and all the dependent members are benefited in the event of member’s death. While it started in 1988, by 1992 all workers were covered by compulsory payment known as the superannuation Guarantee. In 2007 itself all the superannuation …
Car Accident Not My Fault
I didn't have a great weekend, it was ok, could have been bad. My car was damaged on weekend in a parking lot. I have been to this shopping centre many times, actually almost every weekend. As I finish my shopping, sat in my car preparing to drive back home. The next thing I hear is a horn and bang. I got down with a bad feeling, I thought the whole back section of my car has disappeared, it was strong nudge preceded by a screeching sound. It was a white Toyota Camry that hit the back of my car in an angle, puncturing through the bumper. At first, I was surprised at the amount of damage my car …
Surviving as an International Student for Less Than $500 Per Month
It would be daunting to go through life as a student without enough money for expenses or a part-time job. I have come to Australia from India as an international student, for a year and a half master’s degree course. I came with just enough money that would take me through the first few months, I was also under the impression that I would get a part-time job either in university or outside within a month or two. First eight months was a struggle, I tried everything I knew to find a part-time job. One good thing was that there was generous printing allocation within the university to print …
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