Feeds:
Posts
Comments

Posts Tagged ‘money’

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

Read Full Post »

FOUL-mouthed chef Gordon Ramsay has shocked a public audience by vilifying high profile Australian journalist Tracy Grimshaw in an obscene, sexist rant.

The putrid tirade, which included references to Grimshaw’s looks, sexuality and depictions of her as a pig, shocked audiences who went to see the celebrity chef at the Good Food and Wine Show in Melbourne.

Ramsay told an audience of several thousand people that Grimshaw was “a lesbian”, the Sunday Herald Sun reports.

When the crowd reacted with gasps, he said: “What? I’m not saying she’s a …”

The phrase that Ramsay used was a highly derogatory term often used to describe lesbians.

Ramsay also showed a picture of a woman – who appeared to be naked – on her hands and knees with the features of a pig and multiple breasts. 

Tracy Grimshaw,” he told the audience. “I had an interview with her yesterday – holy crap.

“She needs to see Simon Cowell’s Botox doctor.”

Ramsay – who later dismissed the comments as a joke – went on with more innuendos about Grimshaw’s sexual preference and activities.

The crude remarks did not impress Channel Nine chief executive David Gyngell, who phoned Ramsay to tell him they were inappropriate and that he had gone too far.

Just a year ago, the celebrity chef had been lauded as the network’s saviour, with his programs Hell’s Kitchen and Kitchen Nightmares rating highly.

Mandy Saunders was at the food expo with her two children and elderly mother.                                          gorden

“I couldn’t believe what I was seeing and hearing – it was disgusting,” Ms Saunders said.

“The show is meant for families. That was way out of order.”

Anthony Kavroulas was also in the audience at Ramsay’s performance.

“What can I say? It was totally sexist,” Mr Kavroulas said.

Women’s groups also expressed their disgust, saying it was wrong that Ramsay was making money by comparing women with animals.

Melinda Tankard Reist, from Women’s Forum Australia, said Ramsay’s sponsors should dump him and he should leave Australia.

“Ramsay’s sexist and demeaning actions are offensive to every Australian woman,” Ms Reist said.
“Why should he get paid for depicting a woman as an animal and publicly deriding her looks?

“He shouldn’t be making money through the verbal abuse of women.

“Gordon Ramsay is no longer welcome here. The sponsors of his trip should immediately remove their support and send him packing.”

LG, a major sponsor of the Good Food and Wine Show, said it did not want to comment on the incident.

Ramsay appeared on Nine’s A Current Affair and was interviewed by Tracy Grimshaw on Friday night.

During the interview, he commented on Grimshaw’s facial mole, asking: “Is that a wart? It looks like your little sister’s on your lip.”

Grimshaw appeared to take that remark well.

But A Current Affair executive producer Grant Williams said yesterday the chef had gone too far and should stick to cooking and lay off the comedy.

“We know Gordon Ramsay sets out to shock, but if what we’re being told is true, we’re very surprised,” Williams said.

“Frankly, although it’s plainly a joke, it’s out of order.

“Gordon has proved here that he doesn’t need to be in the kitchen to create a nightmare.

“As a comedian, he makes a pretty good cook. Maybe he’d be better off at The Chaser.”

A spokeswoman for Ramsay said the stunt was just a joke and should have been taken as one.

“He really respects Tracy Grimshaw as a journalist. It was just a joke,” Sarah Armstrong said.

“She interviews him every time he comes to Australia. They have a great relationship.”

Source www.news.com.au

Read Full Post »

A GIRRAHWEEN man has  won $1 million from Wednesday’s Lotto draw – after he was mistakenly sold a ticket for the midweek draw.

The man, in his 40s, actually wanted a ticket in Monday’s Lotto draw, but was instead sold a ticket in Wednesday’s draw by a teller at Summerfield News & Lotto in Girrawheen.

When the sales assistant attempted to rectify the mistake by cancelling the ticket, the man insisted that the ticket not be cancelled.

“Please don’t cancel the ticket; it might be lucky,” he told the sales assistant.

His decision ended up winning him the entire Wednesday Lotto Division One amount on offer.

The man, who has been playing Lotto for five years, said that $1 million may not be much money for some people, but for his family it is.

“For us, its big money,” he said.

Whilst he was still coming to terms with the win, the man said his first priority would be to pay off his debts, and then he may consider building another house. His plans also included an overseas family holiday later in the year.

This was the third Division One Lotto win within the past week for WA and the 33rd Division One win for the state so far this year.

Tickets on sale for $30 million OZ Lotto jackpot draw

$30 million remains as the largest Division One amount ever won by a WA Lotto player and is up for grabs in Tuesday’s OZ Lotto draw.

Two Western Australians have won a $30 million Lotto prize in the past; the first, a couple from Leeming in 2001; the second, a university student in October 2007.

And, only last week the Western Australians have won a $30 million Lotto prize in the past; the first, a couple from Leeming in 2001; the second, a university student who for 10 months hadn’t bothered to check a ticket her father had given her as a gift. When she finally decided to check it, she became more than $13 million richer.

With OZ Lotto proving to be a ‘winning’ game for WA players, anyone who hasn’t already got a ticket in Tuesday’s $30 million OZ Lotto draw could put it on their weekend shopping list, or get a friend or work colleague to prompt them to buy their ticket before 6pm on Tuesday,” says Lotterywest spokesperson Jodi Eastman.

Lotterywest is unique in Australia in its role of returning its profits directly to the community through a grants program. Last financial year alone, over $205 million was raised for WA hospitals, sports, the arts and not-for-profit organisations

Read Full Post »

With more people, not only in Australia but around the world becoming aware of our negative impact on the environment change is coming fast.

  • There are increasing responsibilities for governments and businesses on a global stage                                        Pemberton-Curved-Roof-Cedar2
  • Governments are changing legislations
  • Businesses are making changes
  • People may soon be responsible for their individual carbon footprint
  • Green build homes are no longer a dream of hippies

If you are building a new home, now is the time to make a difference and to be sure your new home is built to emit a low carbon footprint.
Making this choice now not only lessens the impact you have on the environment, it also saves your hip pocket.

Green built homes are solar passive in their design. They reduce heating and cooling costs, use less resources and save you money.
Alternative Living’s solar passive home designs encourage:

  • the sun’s natural light to comfortably heat and cool your home
  • cross ventilation though design layout and positioning
  • a naturally occurring comfortable living space through the use of a thermal mass in the slab of our home designs; reducing extremes in temperature
  • Use compact fluorescent lighting through our entire range of eco-friendly homes, using a staggering 1/5th of the electricity of normal lighting.
  • www.alternativeliving.com.au

Read Full Post »

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  

Read Full Post »

Fertility doctors are worried they will be under pressure to implant multiple embryos into women who cannot afford ongoing treatment due to new financial safety net caps, a leading IVF specialist says

Having two embryos implanted into the uterus instead of one raises a woman’s chance of having a multiple birth, says IVF Australia chairman Professor Michael Chapman.

As part of Medicare Safety Net restrictions unveiled in Tuesday’s budget, payments for IVF will be capped at different rates for each stage of treatment once a person reaches the safety net threshold for out-of-pocket medical expenses, which is $1,111.60, or $555.70 for those on low incomes.
This could hit women with an extra $1,500 to $2,000 of out-of-pocket costs per IVF cycle.

There are also caps on safety net payments in other areas including obstetrics, varicose vein and cataract surgery.                                                        embryo

Under the changes, pregnant women who choose to see a private obstetrician will be out of pocket by $550 unless doctors lower their fees.

“That is why the government is urging women to question their doctors about their fees,” Health Minister Nicola Roxon said.

An average of $4.5 million of taxpayers’ money is paid to the top 10 per cent of IVF specialists each year.

But Prof Chapman said the government, which says it wants to crack down on specialists who charge exorbitant fees, was using the figures for political gain.

“For every doctor that gets money, there are 10 staff members, the scientists, counsellors and nurses, they get funded through the rebate,” he told AAP.

Prof Chapman said he accepted there had been a 40 per cent rise in IVF fees over the past five years but said that it was in line with general medical inflation.

Current Medicare rebates, which work out to about $4,200 per child, go towards employing about 2,000 people in private IVF clinics nationally and investing in research and facilities, Prof Chapman said.

He estimated out-of-pocket costs for patients would rise from $1,600 to between $3,000 and $3,500 when the safety net caps come into effect on July 1, 2010.

It can often take more than one IVF cycle for a woman to fall pregnant.

“Certainly, patients are going to be more out of pocket for IVF than they have been in the past,” Prof Chapman said.

He warned doctors would be under pressure to implant more than one embryo per cycle into women as a result of safety net restrictions, increasing the chance of multiple births.

“Over the last five years in Australia the twin rate has dropped dramatically because we have been able to put one embryo back,” he said.

“But if patients think they won’t be able to afford the next cycle they will put a lot of pressure on the doctor to put two embryos back.”

Ms Roxon said her department would work with medical professionals to restructure the system to better reflect stages in a treatment cycle.
www.sbs.com.au

Read Full Post »

block of landI WAS at the Mandurah City Soccer Club as a sponsor recently and, after a conversation with some members, it was apparent there is some confusion regarding building a new home, what is included, what to look for in selecting a block and the process.

With constant changes in the Building Codes of Australia (BCA), you cannot afford to take anything for granted.

I will try to shed some light on the process in future columns, to be published in the Mandurah Coastal Times.

I have extensive experience in the building industry. I started as an apprentice carpenter and sub-contractor. From there, I ran my own building firm and then went into sales and management for one of the largest building companies in WA.

My wife and I relocated to Mandurah six years ago. and I currently work for Danmar Homes as Peel regional manager.

I look forward to this column being of some assistance to all prospective new home buyers. Now for some quick tips:

Firstly, always select a builder before you purchase a block.

Ask if the builder builds to the standards of BCA. Their advice can save a lot of money and frustration.     

If you start right, the chances of problems down the track are limited.                                                                         

My next column will deal with the advantages of house-and-land packages.

To ask Barry a question, phone 9534 8844 or email barry.dye@danmar|homes.com

 

www.inmycommunity.com.au

Read Full Post »

assylum boat

Immigration Minister Chris Evans has hinted the budget will contain additional money to fight people smuggling.

The Rudd government has been criticised for relaxing Howard-era border protection measures.

The opposition says the recent influx of vessels is evidence of Labor’s failed policy.

Since the government abolished temporary protection visas last August, 19 boats carrying suspected asylum seekers have been intercepted in Australian waters.

“We are absolutely committed to maintaining strong border security measures and doing everything we can to attack the people smugglers and disrupt their operations,” Senator Evans told parliament on Tuesday.

The government’s commitment was absolute, he said.

“And that commitment will be reinforced again in tonight’s budget.”

Labor had already taken on additional measures since coming to government to strengthen border security and “more will be done,” Senator Evans said.

Read Full Post »

« Newer Posts