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What is superannuation?

Superannuation is a way of saving for your retirement. Both you and your employer can make contributions that accumulate over time andsuper this money is then invested in shares, government bonds, property, or other appropriate investments.                                 

On retirement, or after disability or death you then receive the money (less charges and taxes) as regular periodic payments (ie, a pension), a lump sum payment, or a combination of both.

Employers must contribute to an employee’s superannuation fund. This is called the Superannuation Guarantee, which came into operation on July 1, 1992.

The amount of the contribution is 9 per cent of an employee’s wages (excluding overtime, leave loading and fringe benefits).

Some employees are left out. The Superannuation Guarantee (Administration) Act says that employers do not have to pay the Superannuation Guarantee in certain circumstances.

Some of the exceptions are:
• employees earning less than $450 per month;
• employees under the age of 18 who work 30 hours per week or less;
• employees over 70 years of age;
• anyone paid to do domestic or private work for 30 hours per week or less.

Can the employer pay more?

An employer can make payments above the compulsory superannuation guarantee as:
• a reward for a worker’s performance;
• a type of co-payment, where the employer’s contribution increases in line with the employees voluntary contribution; or
• a ‘salary-sacrifice’ – this is where the employer makes a contribution that would otherwise be paid as salary.

Note, there are limits to the amount of salary sacrifice that can be made in a financial year.

If you want your employer to pay more, you should get advice from a financial advisor, but keep in mind that employers are limited in the amount that can be claimed as a deduction for superannuation contributions made for a particular employee.

Check with your superannuation fund or the Australian Tax Office to find out what these limits are – they change each year.  www.ato.gov.au

Should I contribute too?

If you have money left over after your weekly expenses, and you want to save for the future, you may want to consider making superannuation contributions as compared to other forms of investment.

Note, there are aged base limits that affect whether or not you can contribute to superannuation – for details, see the Australian Taxation Office web site.

Some of the advantages are:
• generally, you pay less tax on interest from superannuation savings than bank interest;
• with a ‘salary sacrifice’ the superannuation contribution is taken straight out of your wages, so you are not tempted to use it for purposes other than savings.

There are limits to the amount that you can “salary sacrifice”;
• the interest on superannuation savings is ‘compounded’, that is, interest earned by the superannuation fund is added to the total investment, so the interest earns more interest.

The Australian Prudential Regulation Authority estimates that a sum of money ‘compounded’ at 7 per cent a year will double in value in ten years; and
• you may be able to access the benefits of the low income super rebate and low income spouse rebate.
• you may be able to access financial incentives offered by the Government such as the co-contribution scheme. Under this scheme Government will contribute up to $1500 (depending on your income) when you contribute to your fund.

Check the Australian Taxation Office web site for details.

Ultimately, the pros and cons of contributing to superannuation is something you should get advice about.

What are the tax advantages?

The maximum tax rate for your employer’s contribution is 15 per cent.

The income you earn through the fund’s investments is also taxed at a maximum 15 per cent rate.

Salary sacrifice contributions will be taxed at 15 per cent.

Once you reach 60 you can withdraw your superannuation as a lump sum or income stream tax free.

There are also tax advantages if you contribute to your spouse/de facto’s super fund. The set off depends on their income. Check the Tax Office for details.

What laws apply?

The main laws that apply to superannuation are the:
• Superannuation Industry (Supervision) Act and Regulations (regulates most private superannuation funds);
• Superannuation Guarantee (Administration) Act and Regulations (tells employers the minimum contribution they must pay);
• Income Tax Assessment Act,.

The jargon

Accumulation funds – money is invested and the final benefit depends on the total contributions, plus earnings of the fund.

Annuity – like a pension. You receive regular periodic payments for either fixed amount of time or until you die.

Benefit – the money paid to you out of the superannuation fund or held on your behalf within the fund.

Contribution – the money paid into the superannuation fund by either you or your employer.

Defined benefit funds – the final benefit is paid on the basis of a specific formula, so the employer carries the risk if the growth of the fund does not cover the benefit.

Lump sum – money received in a single payment.

Preserved – money that you cannot withdraw from your fund until retirement or certain other events, eg reaching a certain age and leaving employment either temporarily or permanently. This includes money paid by your employer, interest earned on that money or contributions paid by a self-employed person which have been claimed as a tax deduction and any undeducted contributions you make after 1 July, 1999.

Rollover – transferring money from one fund to another.

Unrestricted or non- preserved amount – money that can be paid to you at any time form your superannuation fund

Rights to information

You are entitled to certain information from your superannuation fund. This includes:
• a member statement which shows the amount of your benefit at the start and end of the relevant period, the amount that is preserved and contact details (generally provided annually);
• a fund report which shows the fund’s financial position (generally provided annually);
• notification of changes that affect you, e.g. a change to the superannuation fund’s rules; and
• a statement that shows your benefit, including death benefits when you leave.

Source  :  www.news.com.au

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The Concept Plan and Structure Plan that details how the Ocean Reef Marina site should be developed and how it should look in the future.

The concept plan has been developed using feedback and input from the Community Reference Group, Ocean Reef Marina Committee (of Council) and the Ocean Reef Marina Steering Committee.

Based on input from the above, the key issues identified in developing the Ocean Reef Marina site were the provision of: 

• An iconic marina development accessible to all residents                                   ocean reef marina plan 
• First class boating facilities and infrastructure
• Quality marine recreation facilities
• Best practice environmental conservation and preservation 

The Ocean Reef Marina development has the potential to provide the City’s residents with a world class recreational, residential, boating and tourism marina, development that encapsulates high levels of environmental sustainability, community amenity and delivers economic growth and social benefit. 

Preliminary studies and research in the areas of environmental impact and sustainability, structure planning, coastal engineering and hydrology, and financial and commercial viability have been completed and indicate that the site does have the potential for a development of this nature.

Source   www.joondalup.wa.gov.au

 

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Gordon Ramsay, winner of Best Food Program and TV PersonalityListen to the real man behind the television personality as Gordon talks about weathering the tough times and how the belief in yourself can pull you through. With personal anecdotes of his success and his failures, Gordon will dish up his advice and where he sees the future for Gordon Ramsay. 

Be ready with your questions from 8.30am to get some of your own personal advice from the award winning Chef who currently has 25 restaurants in his empire, not counting the soon to open Maze in Melbourne.

www.pcec.com.au

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forur cornersFour Corners Emigration is in Administration.

Website is still live ! 

www.pomsinoz.com

 

I just read your threads about this Four Corners Emigration situation. It is indeed a very big concern. I can confirm I just had a phone call from a worried client named Neil who has paid all his fees to Four Corners and is near the end of the process of getting his Visa. Just had his request for medicals and police checks. He told me that he received a letter on Wednesday advising that Four Corners have gone into administration and then a letter today that Migration Bureau have taken over his file. He telephoned Migration Bureau to get some help and was apparently asked to pay some money to have somebody review his file.

As he has paid all his fees already he was obviously reluctant to pay any more money which is understandable. He wanted to know if from this point he could complete the process on his own. My answer was ‘yes’ in his case. In reality this gentleman counts himself lucky. He should be fine and have his visa shortly. But still needs to contact DIAC and submit the relevant forms to put himself on record and update his correspondence address to make sure he receives all future correspondence from DIAC.

If there is anybody out there that been affected and want to have a talk to someone I am happy to help if you wish to call me on 0207 427 5975.

Sammy Naghi
Australian Solicitor L.S. No: 42619
Registered Migration Agent No: 0641061
Direct Tel: +44 (0) 20 7427 5975
Taylor Hampton Solicitors LLP
www.emigrate-to-australia.co.uk  

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Job creation and capital works projects will form the cornerstone of this year’s state budget, West Australian Premier Colin Barnett says. 

The WA government on Thursday will deliver its first budget since elected last year.

“It will be responsible and I think you will see it supports maintaining  jobs and supports the future development of this state,” Mr Barnett said on Wednesday.

“And you will see not only that, but a number of measures designed to maintain jobs, particularly in the small- to medium-size business sector.”

The government is under pressure to maintain a surplus after Mr Barnett’s commitment to deliver surpluses in the next two budgets.

While seeking to maintain the state’s AAA credit rating, the government is also facing demands from WA’s peak business lobby to deliver on an election promise to cut taxes by $250 million.

Mr Barnett said the state’s budget and finances would need some “rejigging” to match a $263 million federal government commitment in Wednesday’s federal budget to put the Perth rail line and bus station underground.

“Yes, we will have to have some rejigging of the state budget and finances because we originally sought 50/50 funding just to sink the rail line,” Mr Barnett said.

“The commonwealth’s taken up the point. It was an issue I discussed with the prime minister in Perth about three weeks ago and I just made the point to him quite informally that if we’re going to sink the rail line it would actually be commonsense to sink the bus station too …

“He’s obviously taken it on board so we’re going to make sure that happens.”

The federal government also pledged $339 million for a deepwater port at Oakajee, in the state’s midwest, which will boost iron ore exports in the region.

The WA government had already spent about $20 million on Oakajee and private proponents were now spending $100 million on the design of the deepwater port and rail line, he said. Continued…

www.watoday.com.au

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SOCCEROOS coach Pim Verbeek looks to have secured the services of promising Perth-born Middlesborough defender Rhys Williams.

The youngster turned down Wales to pledge his international future to Australia. pim-verbeek
The 20-year-old, who has a Welsh grandfather, has played 10 times for the Wales under-21 side but is yet to kick a ball for the senior line-up despite being called into the squad several times.

Williams had recently threatened to commit to Wales after being overlooked for the Socceroos but Verbeek, who is in Europe keeping tabs on Australia’s overseas-based players, has convinced the versatile defender to pursue his dream of playing for Australia.

Williams’ fate now lies with FIFA’s transfer committee but if he gets the rubber stamp he could be eligible to be selected for Australia’s World Cup qualifier in Qatar on June 6.

“Rhys has informed us that he wants now to play for Australia,” Wales spokesman Ceri Stennett said of Williams, who can play in central defence or at right back.

“The wheels are now in motion, and a decision will be made by FIFA’s transfer committee.

“But it looks like a fait accompli now.”

Williams, who left Australia at 16 to become a trainee at Middlesborough, made a name for himself this season on loan at promotion-chasing Championship club Burnley.

He impressed in 17 appearances with the club before being forced to return to Middlesborough before the promotion playoffs after failing to have his loan deal extended.

Burnley will face Reading on Wednesday morning (AEST) for a place in the promotion playoff final against Sheffield United.

Williams was not in Middlesbrough’s squad for Tuesday’s 3-1 loss to Newcastle, which consigned them to almost certain relegation, but he could feature in their final two games of the season.

His displays for the Middlesbrough reserves prior to joining Burnley earned him a contract extension with the club until June 2011 and also attracted the attention of Welsh under 21s coach Brian Flynn.

Williams first forced himself into the senior Wales set-up for last September’s qualifier against Azerbaijan but was yet to make his senior debut which, under FIFA regulations, would have meant he could not play for Australia.

His manager Gary Williams said in March the player saw his future with Wales because he had not had contact from anyone else, but hinted he was still interested in playing for Australia.

Wales said they would not be hurried into giving him a cap just to ensure he he was tied to them and, with his 21st birthday looming, Verbeek has now convinced Williams he has a future with the Socceroos.

www.news.com.au


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sharksA Navy diver who lost a hand and a leg in a Sydney Harbour shark attack is back diving and walking, and says he wants to return to work at the scene of the attack.

Doctors said navy clearance diver Paul de Gelder was lucky to survive the mauling by a 2.7-metre bull shark off Garden Island Naval Base on February 11.

After seven weeks in hospital, Mr de Gelder has told 60 Minutes he is determined to put the experience behind him.

He is already walking with a prosthetic leg, driving high performance cars and confronting his fears head-on by swimming with sharks at an Manly’s Oceanarium.

The extremely fit 31-year-old appeared comfortable examining graphic medical photographs of his injuries taken just before doctors decided to amputate his leg and hand.

Asked whether he planned on being a Navy clearance diver again, he said: “I do, I’ve never stopped”.

After five years as a clearance diver and working on peacekeeping mission in East Timor, he said his goal was to get back to working exactly where he was before the incident.

“That will be something that I’ll have to do,” he told the Nine Network.

“It’s going to be a tough bridge to vivid savagcross, but you can’t show weakness.”

Mr de Gelder gave an account of the e 6.30am (AEDT) attack while visiting the scene north of the Garden Island docks.

“It’s all a little bit nerve-wracking really,” he said.

“I kind-of wish I didn’t come out that day but you can’t change the past. You have to look to the future.”

He said that during equipment testing sharks were “everywhere” off Garden Island and the thought of the predators circling came into his mind “every time”.

“You just put it to the back of your mind and try not to worry about it.

“You have an obligation, a role and a job that you have to get on with so you don’t let the things that scare you stop you from doing that.”

He said sharks were in his mind on the morning the attack.

“Then it was in my leg,” he joked.

“I remember it all.”

Mr de Gelder was on the surface when the shark began mauling his leg and hand.

“I was swimming on my back. I had my fins on and a wetsuit on, and I was just checking my direction and when I got halfway back from turning around I got hit in the leg and looked down and there was a big toothy grin.

“(It was) grey, white, toothy and beady.

“I’d never seen a shark up close before. To see it like that was not something you expect.

“You look down and there’s a big monster attached to you and your mind goes into panic mode.”

At one point, the shark’s head was just 50cm away from Mr de Gelder’s face.

“We were pretty much staring eye to eye for about three or four seconds.”

In one bite it took his “whole hand and the whole of the back of my leg”.

“It just felt like getting hit in the leg with a plank of wood, you don’t feel the teeth go in or anything.

“I think the adrenalin, the panic, probably puts a numb on the pain and you don’t feel it.”

Four navy colleagues dragged him onto a boat and got him to shore before he was rushed to St Vincent’s Hospital in a critical condition.

“I thought he was dead,” Navy colleague Lane Patterson said.

Doctors said he most probably would have died in the water if the main artery in his leg had been severed.

He is now living with his girlfriend in an apartment paid for by the Navy and is being helped by his life-long friend Brock who quit his job to care for him.

But he is still getting used to the new hi-tech leg and will soon have a bionic hand fitted.

I get out of bed and it’s a bit of a struggle,” he said.

“It takes all your strength to sort of roll yourself out and get going in the mornings, physically.

“Mentally, I just want to bound out of bed, go and have breakfast and run down to the water and go for a swim but … baby steps.”

http://www.ninemsn.com.au

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