Tax, superannuation & the economy: What does the election result mean?

Elias Visontay 10.45pm: Shorten on gig economy Asked about workers rights for those in the gig economy, Mr Shorten said: “You have to pay proper wages and taxes. And you. the relationship but that.

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Broadly, from 1 july 2017, the tax and superannuation treatment of a lump sum payment on a partial commutation of a pension will become aligned. Thus, a partially commuted amount will be treated as a lump sum for both SISR and tax purposes.

Labor plans to reduce superannuation tax concessions for high income earners, which would see those earning more than $200,000 a year pay double the standard tax on contributions.

The down-to-the-wire Australian Federal Election result indicates a disparity between the policies of the major parties and the needs and wants of the people. Superannuation alone provides a clear example.

In those instances, going back to 1946, the S&P 500 has gained an average of nearly 6% in the final quarter of a midterm election year and 13% in the year following the election.

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The Coalition is gaining ground, but Bill Shorten’s Labor still has an election-winning lead with a 51/49 two party preferred result in an ­exclusive. income earners pay double the tax when they.

Labor Party election proposals to limit or remove these contributions to superannuation are not supported by the government and will not proceed.

Because the voters don’t connect the dots so emphatically doesn’t mean that tax cuts don’t improve the real economy or that voters don’t vote based on what’s happening in the real economy.

Superannuation is a tax-advantaged method of saving as the 15% tax rate on contributions is lower than the rate an employee would have paid if they received the money as income. The federal government announced in its 2006/07 budget that from 1 July 2007, Australians over the age of 60 will face no taxes on withdrawing monies out of their superannuation fund if it is from a taxed source.

A Labor Party plan to impose additional tax on the superannuation of those earning over $200,000 has been backed by independent researchers, who say there is a "strong case" to lower the threshold. The shocking UK election results, explained.. What the results mean. as a result, tank the UK economy – and likely damage the EU’s as well.