1 Press Ctrl-A ©G Dear2009 – Not to be sold/Free to use DeductionsSuperanuation Stage 6 - Year 11 Applied Mathematic (Preliminary General 1)

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1 Press Ctrl-A ©G Dear2009 – Not to be sold/Free to use DeductionsSuperanuation Stage 6 - Year 11 Applied Mathematic (Preliminary General 1)

2 A pension, for which regular contributions are deducted from your salary whilst in employment. Your employer must pay a minimum of 9% of your earnings base if you are over 18 and earn more than $450/week. Superannuation Guarantee Superannuation Benefits when you retire, if you become an invalid, to your family if you die You should also make you own contributions of at least 6% to live well in retirement.

3 A pension, for which regular contributions are deducted from your salary whilst in employment. Government Superannuation Co-contributions The government may contribute upto $1000 to your superannuation each year if you qualify. Contributions to Superannuation funds are taxed at only 15%. Income Tax

4 Industry Funds are generally set up to cater for the super needs of people in specific industries. HESTA is an industry fund set up to cater for people in health and community services, although membership is open to employees in any industry. Corporate Funds are often established for employees of a particular company or group of companies & are tailored to meet the requirements of the company and its employees. Master Trusts allow large numbers of individuals and/or companies to operate their super arrangements as a single group.

5 Retail Funds are structured in similar way to master trusts and are open to anyone who wishes to join. DIY Funds Self-managed or DIY funds cater for individuals who are prepared to accept the responsibility and expense of creating and operating their super fund, investing their funds and meeting all legislative and regulatory requirements.

6 How much does his employer have to put into his superannuation fund? Mavis earns $1200 per week. (Tax = $260) Employer Contribution = x $1200= $108 Mavis also makes a 6% contribution. Mavis Contribution = x $1200= $72 Since she did not claim a tax benefit she MAY get the Governments Co-contribution of up to $1000 Take Home Pay = $ $260 Tax - $72 Super = $868