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MoneySmart is a website run by the Australian Securities and Investments Commission (ASIC) to help people make smart choices about their personal finances. They provide a number of tools such as the Superannuation Calculator. The Australian Taxation Office (ATO) ensures that self-managed superannuation funds adhere to the rules and regulations ...
The investment income of superannuation funds derived from those assets backing pensions (i.e., retirement phase accounts) is "exempt" income of the fund. 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 ...
Private pensions (known as superannuation in Australia) may be taxed at up to three points, depending on the circumstances: at the point of contribution to a fund, on investment income and at the time benefits are received. The compulsory nature of Australian Superannuation means that it is sometimes regarded as being similar to social security ...
The first income tax in Australia was imposed in 1884 by South Australia with a general tax on income. Federal income tax was first introduced in 1915, as a wartime measure to help fund Australia's war effort in the First World War. Between 1915 and 1942, income taxes were levied by both State governments and the federal government.
In Australia, the term 'Retail superannuation fund' refers to a superannuation provider that is not an Industry superannuation fund, and so weren't established by a trade union as a method of managing worker retirement savings. [1] [2] [3] There are various providers of retail super funds in Australia.
A fringe benefit is an extra benefit supplementing an employee's monetary wage or salary. For example: A company car, private health care, fitness club membership, phone or internet service reimbursement, etc. In Australia, a fringe benefit is a payment to an employee that is not considered part of the employee's income.