Adding insult to penury

Article Abstract:

Australia's Howard government has reduced personal income tax, but the Association of Superannuation Funds in Australia complains that the new system provides fewer super breaks for lower-income earners than the previous system. With super tax rates remaining at a flat 15% while personal rates have fallen dramatically, the super breaks are no longer relevant.

Taxation, Income tax, Tax abatement

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The great divide

Article Abstract:

The Australian federal government has announced proposals to allow divorcing couples to split their super benefits, but is doing nothing to offer similar services to still married couples. Splitting the super benefits helps to divert accumulated benefits in excess of certain limits to other family members who have lower entitlements.

Laws, regulations and rules, Economic policy, Retirement income

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Trials of errors

Article Abstract:

Many employees who are super fund members in Australia are paying out more than they should in tax on their redundancy or retirement lump sums. These anomalies occur because of poor management and bookkeeping and there is a need to keep a check on finances.

Management, Compensation and benefits, Pension funds, Workers

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