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MySuper
MySuper is part of the Stronger Super reforms announced in September 2011 by the Gillard Labor government for the Australian superannuation industry to replace the previous default funds system with a new default system using low cost and simple superannuation products. MySuper compliant products may be provided by industry super funds, as well as retail super funds. Funds that do not operate as default funds, such as self managed superannuation funds (SMSFs) or choice products, are not subject to MySuper standards. Since 1 January 2014, unless an employee has chosen another investment option, employers must pay all compulsory SG contributions into approved MySuper accounts, i.e., into super products that have received a MySuper authority. From that date, super funds must also credit employer contributions to a MySuper account, unless if the member has directed the trustee to do otherwise. Given that over 75% of employees stay with their employers’ default fund, it was expecte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Superannuation In Australia
In Australia, superannuation, or just super, is the term for retirement pension benefit funds. Employers make compulsory contributions into these funds on behalf of their employees. Superannuation is compulsory for all employed people working and residing in Australia. The total balance of a person's superannuation is then used to provide an income stream upon reaching retirement. Federal law dictates minimum amounts that employers must contribute to the super accounts of their employees, on top of standard wages or salaries. Most employees have their super contributed to large funds - either industry funds (not-for-profit mutual funds, managed by boards composed of industry stakeholders), or retail funds (for-profit commercial funds, principally managed by financial institutions). However, some Australians can have their super deposited into self-managed superannuation funds. The Australian Government outlines a set percentage of employee income that should be paid into a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sunsuper
Sunsuper Superannuation Fund (Sunsuper) was an Australian public offer industry superannuation fund based in Brisbane, Queensland, Australia. It was established in 1987 as a multi-industry superannuation fund open to all workers and is profit-for-members. Sunsuper was the largest superannuation fund by membership in Queensland, with 1.3 million members and over 100,000 default employers. As at December 2020, it had more than A$79 billion in funds under management. On 28 February 2022, Sunsuper and QSuper merged to become the Australian Retirement Trust. History Sunsuper was established in 1987. In 1997, Sunsuper reached its first A$1 billion in funds under management (FUM). By 2007, FUM had grown to A$13 billion. In February 2013, Sunsuper was awarded a MySuper authority. In November 2015, Sunsuper appointed new CIO - Ian Patrick. In April 2017, Sunsuper and Kinetic Super announced a merger. In March 2018, Sunsuper signed up for the Insurance in Superannuation Volunt ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industry Superannuation Fund
An industry superannuation fund (or, simply, 'industry fund') is an Australian superannuation fund originally established to provide for the retirement of workers from a specific industry. While industry funds are no longer tied to specific industries, they remain not-for-profit, mutual funds which are membership-based and do not have shareholders. Industry super funds can be contrasted with ''retail'' super funds (or 'wholesale master trusts'), which are public offer funds managed by financial institutions. Profits from retail funds are distributed to shareholders or investors (the trustees of the fund), whereas industry funds return profits directly to members. Industry Super Australia (ISA) is the peak body of the industry fund sector. From 1 July 2005, choice of fund rules came into effect, giving most Australian employees the option to choose the fund into which their employers paid their superannuation contributions. In practice, over 75% of workers remained with their e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) is a statutory authority of the Australian Government and the prudential regulator of the Australian financial services industry. APRA was established on 1 July 1998 in response to the recommendations of the Wallis Inquiry. APRA's authority and scope is determined pursuant to the . Regulatory scope APRA was established on 1 July 1998. It oversees banks, credit unions, building societies, friendly societies, general insurance, health insurance, reinsurance, and life insurance companies, and most members of the superannuation industry. It ensures that these institutions keep their financial promises; that is, that they will remain financially sound and able to meet their obligations to depositors, fund members and policy holders. APRA currently supervises institutions holding A$8.6 trillion in assets for Australian depositors, policyholders and superannuation fund members. APRA is largely funded by levies on the fina ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cbus (superannuation Fund)
Construction and Building Unions Superannuation (Cbus) is one of Australia's largest public offer industry superannuation funds. Cbus is run for the benefit of its members and does not pay dividends to shareholders. History Established in 1984 for the construction, building and allied industries, Cbus now has over 777,000 members with over 450 staff across three states. Cbus has over 136,000 participating employers and manages $46.7 billion of members' funds. Cbus also invests back into the building and construction industry through its $2.8 billion property development company Cbus Property. Corporate governance United Super Pty Ltd is the Trustee of Cbus Superannuation Fund. The Directors of United Super Pty Ltd are appointed in equal number from member and employer associations in the construction and building industries. An Independent Director also sits on the board. The current Chair of the board is former Premier of Victoria The premier of Victoria is the he ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deloitte
Deloitte Touche Tohmatsu Limited (), commonly referred to as Deloitte, is an international professional services network headquartered in London, England. Deloitte is the largest professional services network by revenue and number of professionals in the world and is considered one of the Big Four accounting firms along with EY (Ernst & Young), KPMG and PricewaterhouseCoopers (PWC). The firm was founded by William Welch Deloitte in London in 1845 and expanded into the United States in 1890. It merged with Haskins & Sells to form Deloitte Haskins & Sells in 1972 and with Touche Ross in the US to form Deloitte & Touche in 1989. In 1993, the international firm was renamed Deloitte Touche Tohmatsu, later abbreviated to Deloitte. In 2002, Arthur Andersen's practice in the UK as well as several of that firm's practices in Europe and North and South America agreed to merge with Deloitte. Subsequent acquisitions have included Monitor Group, a large strategy consulting business, in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In Australia
Income taxes are the most significant form of taxation in Australia, and collected by the federal government through the Australian Taxation Office. Australian GST revenue is collected by the Federal government, and then paid to the states under a distribution formula determined by the Commonwealth Grants Commission. Australia maintains a relatively low tax burden in comparison with other wealthy, developed nations, at 27.8% of GDP in 2018. History When the first Governor, Governor Phillip, arrived in New South Wales in 1788, he had a Royal Instruction that gave him power to impose taxation if the colony needed it. The first taxes in Australia were raised to help pay for the completion of Sydney's first gaol and provide for the orphans of the colony. Import duties were put on spirits, wine and beer and later on luxury goods. After 1824 the Government of New South Wales raised extra revenue from customs and excise duties. These were the most important sources of revenue for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Retirement In Australia
Retirement is the withdrawal from one's position or occupation or from one's active working life. A person may also semi-retire by reducing work hours or workload. Many people choose to retire when they are elderly or incapable of doing their job due to health reasons. People may also retire when they are eligible for private or public pension benefits, although some are forced to retire when bodily conditions no longer allow the person to work any longer (by illness or accident) or as a result of legislation concerning their positions. In most countries, the idea of retirement is of recent origin, being introduced during the late-nineteenth and early-twentieth centuries. Previously, low life expectancy, lack of social security and the absence of pension arrangements meant that most workers continued to work until their death. Germany was the first country to introduce retirement benefits in 1889. Nowadays, most developed countries have systems to provide pensions on retirement ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Business Law
Australian(s) may refer to: Australia * Australia, a country * Australians, citizens of the Commonwealth of Australia ** European Australians ** Anglo-Celtic Australians, Australians descended principally from British colonists ** Aboriginal Australians, indigenous peoples of Australia as identified and defined within Australian law * Australia (continent) ** Indigenous Australians * Australian English, the dialect of the English language spoken in Australia * Australian Aboriginal languages * ''The Australian'', a newspaper * Australiana, things of Australian origins Other uses * Australian (horse), a racehorse * Australian, British Columbia, an unincorporated community in Canada See also * The Australian (other) * Australia (other) * * * Austrian (other) Austrian may refer to: * Austrians, someone from Austria or of Austrian descent ** Someone who is considered an Austrian citizen, see Austrian nationality law * Austrian German dialect * Somet ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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