For your convenience: Income tax rates for the 2011/2012 year
Super is a concessionally taxed investment vehicle, which means the rate of tax that you pay on your personal income generally influences any decision that you make regarding your super savings. For your convenience we have included the latest income tax rates.
No tax in retirement because you SATO
The superannuation tax rules are not the only tax benefits that you can take advantage of in retirement. If you are aged 60 or over, your superannuation benefit from a taxed source is not included as part of your assessable income. Most Australians receive super benefits from a taxed source, unless you’re a member of one of the older public sector super funds.
Income tax rates for 2011/2012 and 2012/2013 years
In July 2011, the federal government announced the introduction of a carbon tax on Australia’s biggest polluting companies. According to the government, more than half of the revenue raised from the carbon tax will be redirected to Australians in the form of tax cuts and a Clean Energy Supplement.
Is super tax effective for those earning less than $37,000?
Q: Great site! Lots of excellent information. However, I am not sure I agree with your comment “… if you earn less than $37,000 in a year (for the 2010/11 year), you have no real income tax advantages when investing via a superannuation fund.”
SATO: Cutting seniors tax via super contributions no longer possible
Q: I am attempting to work out when the 30% tax rate applies to both my wife and my own incomes for the 2010/2011 year. We are both 67 and operate a SMSF to which we can make concessional contributions, and I would like to reduce personal income to the point below which 30% tax rate applies.
Federal Budget May 2010: A quick summary
On 2 May 2010, Federal Treasurer effectively released a mini-budget (in response to the Henry Tax Review) announcing the following changes; Increase in Superannuation Guarantee(SG) from 9% to 12%; Tax refund in the form of a Government super contribution to lower-income earners…
