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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] |
Pension
A pension (, from Latin ''pensiō'', "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments. A pension may be a "defined benefit plan", where a fixed sum is paid regularly to a person, or a "defined contribution plan", under which a fixed sum is invested that then becomes available at retirement age. Pensions should not be confused with severance pay; the former is usually paid in regular amounts for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment before retirement. The terms "retirement plan" and "superannuation" tend to refer to a pension granted upon retirement of the individual. Retirement plans may be set up by employers, insurance companies, the government, or other institutions such as employer associations or trade unions. Called ''retirement plans' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Capital Territory
The Australian Capital Territory (commonly abbreviated as ACT), known as the Federal Capital Territory (FCT) until 1938, is a landlocked federal territory of Australia containing the national capital Canberra and some surrounding townships. It is located in southeastern Australian mainland as an enclave completely within the state of New South Wales. Founded after Federation as the seat of government for the new nation, the territory hosts the headquarters of all important institutions of the Australian Government. On 1 January 1901, federation of the colonies of Australia was achieved. Section 125 of the new Australian Constitution provided that land, situated in New South Wales and at least from Sydney, would be ceded to the new federal government. Following discussion and exploration of various areas within New South Wales, the ''Seat of Government Act 1908'' was passed in 1908 which specified a capital in the Yass-Canberra region. The territory was transferred to the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2001 Australian Federal Election
The 2001 Australian federal election was held in Australia on 10 November 2001. All 150 seats in the House of Representatives and 40 seats in the 76-member Senate were up for election. The incumbent Liberal Party of Australia led by Prime Minister of Australia John Howard and coalition partner the National Party of Australia led by John Anderson defeated the opposition Australian Labor Party led by Kim Beazley. Future Opposition Leader Peter Dutton entered parliament at this election. Background Throughout much of 2001, the Coalition had been trailing Labor in opinion polls, thanks to dissatisfaction with the government's economic reform programme and high petrol prices. The opposition Australian Labor Party had won a majority of the two-party-preferred vote at the previous election and had won a series of state and territory elections. Labor also recorded positive swings in two by-elections, taking the Queensland seat of Ryan and coming close in Aston. However following t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2006 Australian Federal Budget
The 2006 Australian federal budget for the Australian financial year ended 30 June 2007 was presented on 16 May 2006 by Peter Costello, the Treasurer of Australia in the Howard Government. The budget provided for an underlying cash surplus of $10.8 billion, the Government's ninth surplus. The net government debt was zero in the 2006/07-year, the first time in three decades, from a peak of 18.5% of GDP ($96 billion) in 1995/96.Budget 2006–07Australian Government is now debt free The budget included further personal tax reform including tax cuts worth $36.7 billion over four years. Major improvements to business taxation to encourage take‑up of new technology and to simplify taxes for small business. There was also a plan to dramatically simplify and streamline superannuation. Other key initiatives include $2.3 billion for road and rail infrastructure, including to upgrade key sections of the Hume, Bruce and Pacific highways more quickly, a $1.9 billion boost to funding for m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
KiwiSaver
The KiwiSaver scheme, a New Zealand savings scheme, came into operation from Monday, 2 July 2007. Participants can normally access their KiwiSaver funds only after the age of 65, but can withdraw them in certain limited circumstances, for example if undergoing significant financial hardship or to use a deposit for a first home. A policy initiative of the Fifth Labour Government of New Zealand (in office 1999–2008), KiwiSaver is governed by various Acts of Parliament, including the KiwiSaver Act 2006 (passed in September 2006). As at 31 March 2021, the Financial Markets Authority (NZ) reports $81.6 billion in assets is managed by KiwiSaver providers. Basic operation Anyone who is entitled to live in New Zealand indefinitely and who normally lives in New Zealand is entitled to join KiwiSaver. Those under 18 require parental consent to join. Employee participants can choose to contribute 3%, 4%, 6%, 8% or 10% of their gross pay, and can switch rates three months after setti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Medicare (Australia)
Medicare is the publicly-funded universal health care insurance scheme in Australia, operated by the nation's social security department, Services Australia. Medicare is the principal way Australian citizens and permanent residents access most health care services in Australia. The scheme either partially or fully cover the cost of most primary health care services in the public and private health care system. All Australian citizens and permanent residents have access to fully covered health care in public hospitals, funded by Medicare (through the National Health Pool), as well as state and federal contributions. International visitors from 11 countries have subsidised access to medically necessary treatment under reciprocal agreements. Many specialties and allied health services are partially covered by Medicare, including psychology and psychiatry, ophthalmology, physiotherapy and audiology, with the exception of dental services. The list of services covered, the standa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Defined Benefit
Defined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental and public entities, as well as a large number of corporations, provide defined benefit plans, sometimes as a means of compensating workers in lieu of increased pay.Lemke and Lins, ''ERISA for Money Managers'', §1:1 (Thomson West, 2013). A defined benefit plan is 'defined' in the sense that the benefit formula is defined and known in advance. Conversely, for a "defined contribution retirement saving plan," the formula for computing the employer's and employee's contributions is defined and known in advance, but the benefit to be paid out is not known in advance. In the United States, specifies a defined benefit plan to be any pension plan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Norfolk Island
Norfolk Island (, ; Norfuk: ''Norf'k Ailen'') is an external territory of Australia located in the Pacific Ocean between New Zealand and New Caledonia, directly east of Australia's Evans Head and about from Lord Howe Island. Together with the neighbouring Phillip Island and Nepean Island, the three islands collectively form the Territory of Norfolk Island. At the 2021 census, it had inhabitants living on a total area of about . Its capital is Kingston. The first known settlers in Norfolk Island were East Polynesians but they had already departed when Great Britain settled it as part of its 1788 settlement of Australia. The island served as a convict penal settlement from 6 March 1788 until 5 May 1855, except for an 11-year hiatus between 15 February 1814 and 6 June 1825, when it lay abandoned. On 8 June 1856, permanent civilian residence on the island began when descendants of the ''Bounty'' mutineers were relocated from Pitcairn Island. In 1914 the UK handed Norfo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Western Australia
Western Australia (commonly abbreviated as WA) is a state of Australia occupying the western percent of the land area of Australia excluding external territories. It is bounded by the Indian Ocean to the north and west, the Southern Ocean to the south, the Northern Territory to the north-east, and South Australia to the south-east. Western Australia is Australia's largest state, with a total land area of . It is the second-largest country subdivision in the world, surpassed only by Russia's Sakha Republic. the state has 2.76 million inhabitants percent of the national total. The vast majority (92 percent) live in the south-west corner; 79 percent of the population lives in the Perth area, leaving the remainder of the state sparsely populated. The first Europeans to visit Western Australia belonged to the Dutch Dirk Hartog expedition, who visited the Western Australian coast in 1616. The first permanent European colony of Western Australia occurred following the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Victoria (state)
Victoria is a state in southeastern Australia. It is the second-smallest state with a land area of , the second most populated state (after New South Wales) with a population of over 6.5 million, and the most densely populated state in Australia (28 per km2). Victoria is bordered by New South Wales to the north and South Australia to the west, and is bounded by the Bass Strait to the south (with the exception of a small land border with Tasmania located along Boundary Islet), the Great Australian Bight portion of the Southern Ocean to the southwest, and the Tasman Sea (a marginal sea of the South Pacific Ocean) to the southeast. The state encompasses a range of climates and geographical features from its temperate coastal and central regions to the Victorian Alps in the northeast and the semi-arid north-west. The majority of the Victorian population is concentrated in the central-south area surrounding Port Phillip Bay, and in particular within the metropolitan area o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tasmania
) , nickname = , image_map = Tasmania in Australia.svg , map_caption = Location of Tasmania in AustraliaCoordinates: , subdivision_type = Country , subdivision_name = Australia , established_title = Before federation , established_date = Colony of Tasmania , established_title2 = Federation , established_date2 = 1 January 1901 , named_for = Abel Tasman , demonym = , capital = Hobart , largest_city = capital , coordinates = , admin_center = 29 local government areas , admin_center_type = Administration , leader_title1 = Monarch , leader_name1 = Charles III , leader_title2 = Governor , leader_name2 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
South Australia
South Australia (commonly abbreviated as SA) is a state in the southern central part of Australia. It covers some of the most arid parts of the country. With a total land area of , it is the fourth-largest of Australia's states and territories by area, and second smallest state by population. It has a total of 1.8 million people. Its population is the second most highly centralised in Australia, after Western Australia, with more than 77 percent of South Australians living in the capital Adelaide, or its environs. Other population centres in the state are relatively small; Mount Gambier, the second-largest centre, has a population of 33,233. South Australia shares borders with all of the other mainland states, as well as the Northern Territory; it is bordered to the west by Western Australia, to the north by the Northern Territory, to the north-east by Queensland, to the east by New South Wales, to the south-east by Victoria, and to the south by the Great Australian Bight.M ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
