Key superannuation rates and thresholds – 1 July 2009
http://moorestephensresources.com.au/articles/221/1/Key-superannuation-rates-and-thresholds--1-July-2009/Page1.html
By Moore Stephens
Published on 1/07/2009
The superannuation guarantee requires employers to provide
sufficient superannuation support for their employees. You are obliged
to contribute a minimum of 9% of an eligible employee’s OTE to a
complying superannuation fund or retirement savings account (RSA). Your
contributions need to be made at least every quarter.
Superannuation guarantee
The superannuation guarantee requires employers to provide sufficient superannuation support for their employees. You are obliged to contribute a minimum of 9% of an eligible employee’s OTE to a complying superannuation fund or retirement savings account (RSA). Your contributions need to be made at least every quarter.
The maximum superannuation contribution base is used to determine the maximum limit on any individual employee's earnings base for each quarter of any financial year. You do not have to provide the minimum support for the part of earnings above this limit.
The superannuation guarantee requires employers to provide sufficient superannuation support for their employees. You are obliged to contribute a minimum of 9% of an eligible employee’s OTE to a complying superannuation fund or retirement savings account (RSA). Your contributions need to be made at least every quarter.
The maximum superannuation contribution base is used to determine the maximum limit on any individual employee's earnings base for each quarter of any financial year. You do not have to provide the minimum support for the part of earnings above this limit.
ETP cap amount
An employment termination payment (ETP) is a payment made in consequence of the termination of employment. It can include:
ETP cap amount for life benefit termination payments
An employment termination payment (ETP) is a payment made in consequence of the termination of employment. It can include:
- amounts for unused rostered days off
- amounts in lieu of notice
- a gratuity or ‘golden handshake’
- an employee’s invalidity payment (for permanent disability, other than compensation for personal injury)
- certain payments after the death of an employee.
- a payment for unused annual leave or unused long service leave
- the tax-free part of a genuine redundancy payment or an early retirement scheme payment.
ETP cap amount for life benefit termination payments
Tax-free part of genuine redundancy payments and early retirement scheme payments
Transitional ETP cap amounts up to 30 June 2012
Transitional arrangements apply if you were entitled, as at 9 May 2006, to a payment made on the termination of employment under:
a written contract
an Australian or foreign law (or an instrument under such a law)
a workplace agreement under the Workplace Relations Act 1996.
Employment termination payments made after 1 July 2007 (other than those made under the transitional arrangements) cannot be rolled over into superannuation.
Transitional arrangements apply if you were entitled, as at 9 May 2006, to a payment made on the termination of employment under:
a written contract
an Australian or foreign law (or an instrument under such a law)
a workplace agreement under the Workplace Relations Act 1996.
Employment termination payments made after 1 July 2007 (other than those made under the transitional arrangements) cannot be rolled over into superannuation.
plus Medicare levy as applicable
Unused annual leave
plus Medicare levy as applicable
Unused long service leave
plus Medicare levy as applicable
Unused long service leave
Preservation Age
Generally, you must reach preservation age and trigger a condition of release before you can access your superannuation.
Generally, you must reach preservation age and trigger a condition of release before you can access your superannuation.
Minimum Pension Drawdown
From 1 July 2009, the Government will halve the minimum amounts self-funded retirees have to draw down from their account-based pensions for 2009-10.
This extends the drawdown relief provided by the Government for 2008-09, recognising the impact of the global recession.
From 1 July 2009, the Government will halve the minimum amounts self-funded retirees have to draw down from their account-based pensions for 2009-10.
This extends the drawdown relief provided by the Government for 2008-09, recognising the impact of the global recession.