Sentences with phrase «of superannuation contributions»

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.

Not exact matches

The changes, which include changes to contribution caps and rules, transition to retirement and the pension transfer cap, have seen retirement savers rush to pad out their superannuation accounts with a surge in voluntary contributions ahead of the June cut - off.

However, subsection 23 (2) provides for a reduction of the charge percentage according to a formula where the employer has made contributions to a Retirement Savings Account or to a complying superannuation fund other than a defined benefit superannuation scheme for the benefit of that employee.

Conversely, the meaning of «salary or wages» is relevant to calculating the individual superannuation guarantee shortfall in a quarter where the employer has not provided, for the benefit of that eligible employee, superannuation contributions to the prescribed percentage of that employee's OTE.

To claim the tax offset, you need to complete the Superannuation contributions on behalf of your spouse question in the supplementary section of your tax return.

the contributions must be made to a complying superannuation fund or a retirement savings account on behalf of your spouse

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.

As a general rule they are used as the basis for measuring the level of employer super contributions under the Superannuation Guarantee (Administration) Act 1992.

From 1 July 2018, members will be able to make «carry - forward» concessional super contributions if they have a total superannuation balance of less than $ 500,000.

From 1 July 2018 you are eligible to carry - forward concessional (before - tax) contributions, depending on your total superannuation balance as at the end of June of the previous financial year.

A certain type of super fund whose members are ineligible to claim a personal superannuation contribution deduction.

This is 6 % higher than the growth of total contributions to all superannuation funds (32 %) over the same period.

From 1 July 2017, the new DASP WHM tax rate of 65 % applies to DASPs made to WHMs where it includes amounts attributable to superannuation contributions made under a WHM visa.

To get the most out of your finances when you retire, consider making extra contributions to your superannuation fund.

From 1 July 2018, individuals will be able to make «carry - forward» concessional super contributions if they have a total superannuation balance of less than $ 500,000.

This is on the tax paid on your concessional superannuation contributions up to a cap of $ 500.

You will only be able to carry - forward your unused concessional contributions cap if your total superannuation balance at the end of 30 June of the previous financial year is less than $ 500,000.

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).

If you are 65 years old or older and meet the eligibility requirements, you may be able to choose to make a downsizer contribution into your superannuation of up to $ 300,000 from the proceeds of selling your home.

As Artie is under 65 years and has a total superannuation balance under $ 1.4 million, he is able to make non-concessional contributions of $ 300,000 over three years.

For example, we may include your visit to our superannuation calculator in preparing aggregate statistical information such as» 20 % of the people who used ASIC's MoneySmart superannuation calculator explored making extra contributions to their superannuation».

Calculations are based on the minimum amount of super your employer must pay on your behalf, known as the Superannuation Guarantee Contribution (SGC).

Like your employer superannuation guarantee (SG) contributions, salary sacrificed contributions are taxed at a rate of 15 % when they are received by the fund.

Salary sacrificing (into super): When you and your employer agree to pay a portion of your pre-tax salary as an additional contribution to your superannuation fund.

As a guide, you or your business may be able to claim a tax deduction of up to $ 30,000 annually for contributions to your superannuation fund (or $ 35,000 annually if you are aged 50 or over).

There is a minimum amount of super that your employer must contribute to your super fund each year, known as the superannuation guarantee contribution (SGC).

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.

A salary sacrifice to super is where you and your employer agree to pay a portion of your pre-tax salary as an additional concessional contribution to your superannuation account.

The effect of the LISTO payment to the individual's account is to offset the tax their superannuation fund pays on their contributions.

The results shown are not guaranteed to occur and should not be relied upon as a true representation of any actual superannuation contributions or taxation.

In addition to the previous co-contribution eligibility requirements, you must now also have a total superannuation balance at the end of the previous financial year of less than the transfer balance cap and not have exceeded your after tax contributions cap.

Individuals with a total superannuation balance greater than or equal to the general transfer balance cap ($ 1.6 million for the 2017 - 18 financial year) at the end of 30 June of the previous financial year, and makes non-concessional contributions, will have excess non-concessional contributions.

Any contributions received after this date are not required under law to be returned, due to subregulation 7.04 (3) of the Superannuation Industry (Supervision) Regulations 1994 being repealed.

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.

Section 279D of the ITAA 1936 allowed a deduction to a superannuation fund which paid a death benefit to a dependant of the deceased member where the fund increased the benefit to the amount that would have been paid had there been no tax on contributions.

Some investments that you many consider under Section 80C are: Life insurance premium paid towards self, spouse or child, contribution towards statutory provident fund or superannuation fund, contribution towards public provident fund scheme, subscription to units of mutual fund equity linked saving scheme notified by the central government, etc..

The employer too provides you a gamut of benefits like contribution towards the EPF scheme, gratuity, superannuation and also a group health insurance coverage.

Minimum variable premium for ICICI Pru Group Superannuation is Not Mentioned and minimum variable premium for IDBI Federal Retiresurance Group Insurance Plan is Minimum initial contribution of $ 50000 / - is mandatory..

Social insurance contributions, superannuation / PRSA contributions and trade union subscriptions are not taken into account in the assessment of earnings.