Sentences with phrase «income superannuation contribution»
The government introduced a low income superannuation tax offset (LISTO), which will replace the low income superannuation contribution (LISC) policy that was been repealed effective 1 July 2017.
https://www.ato.gov.au/
The government introduced a low income superannuation tax offset (LISTO), which replaces the low income superannuation contribution (LISC) policy that was repealed on 1 July 2017.
Not exact matches
If you make contributions to a complying superannuation fund or a retirement savings account (RSA) on behalf of your spouse (married or de facto) who is earning a low income or not working, you may be able to claim a tax offset.
This is done by reviewing the «reportable employer superannuation contributions» on an individual's income tax return and cross-checking the date the contribution was made with the superannuation fund.
As others in this situation may experience, there is a significant opportunity cost in forgoing immediate income and accompanying employer Superannuation contributions (currently 9.5 % of salary) and potential returns given the time value of compounding (i.e. the sooner you start compounding, the greater your investment returns, all else being equal).
A contribution made by the Australian Government to a person's superannuation account based on that person's income, source of income and personal super contribution.
Self - employed people often earn a decent income while working, but without the benefit of employer - paid superannuation contributions, find they have very little money to live on in retirement.
As the sum of the transfer balance credits ($ 4.5 million) that arise in her transfer balance account on the 1 July 2017 in respect of superannuation income streams that Alice is receiving before 1 July 2017 is greater than her structured settlement contribution ($ 4 million), the debit that arises on 1 July 2017 is $ 4.5 million.
Alice contributes the $ 4 million into her superannuation fund, notifies her superannuation fund that this contribution is a structured settlement and commences a superannuation income stream with this amount.
non-TFN contributions income to a superannuation fund or retirement savings account provider
Effective from 8 May 2008, a person who has gross income of less than 425.00 per week is entitled to a disregard of superannuation contributions, social insurance contributions and trade union subscriptions for the purposes of determining entitlement to One - Parent Family payment.