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What do you understand by Superannuation Fund How is it taxed?
AngelRadhika
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Is employee contribute in superannuation fund?
A superannuation fund is another word for a retirement pension fund. It is normal for the employee to contribute towards this and the employees contributions may (or may not) be augmented by a contribution from the employer too. Money you put into a superannuation fund is usually exempt form tax as an incentive to save towards your retirement.
When was REST Super Fund established?
REST or Retail Employees Superannuation Trust is an industry superannuation fund established in 1988. It is currently administered by Australian Administration Services (AAS).
Does the bank of New Zealand have a superannuation fund in New Zealand?
yes
Where can information on rest superannuation be found?
REST, the retail Employees Superannuation Trust is an Australian superannuation fund, established in 1988. Information on REST can be found on their official website. Sites that carry reviews include: Product Review and Whirlpool Forums.
What is money taken from pay and put into a pension fund called?
superannuation - Regular payment made into a fund by an employee toward a future pension.
What is minimum basic salary limit for superannuation fund?
if u were a billionaire u wouldn't have to worry about it
What is meant by diy super fund?
A diy super fund means a "do it yourself' superannuation fund. In other words, it is a retirement fund that is managed by an individual rather than a third party committee or individual.
Are you taxed when you withdraw money from a mutual fund?
Yes you are taxed when withdrawing money from a mutual fund. Your current tax rate would apply.
What is meant by self managed superannuation?
The definition for self managed superannuation funds is one where an individual controls their initial investment making sure that the fund grows according to one's retirement goals.
What is superannuation in private sector in India?
Hi ! Here is some information on Superannuation Fund. a) Superannuation Fund is a retirement benefit given to employees by the Company. b) Normally the Company has a link with agencies like LIC Superannuation Fund, where their contributions are paid. c) The Company pays 15% of basic wages as superannuation contribution. There is no contribution from the employee. d) This contribution is invested by the Fund in various securities as per investment pattern prescribed. e) Interest on contributions is credited to the members account. Normally the rate of interest is equivalent to the PF interest rate. f) On attaining the retirement age, the member is eligible to take 25% of the balance available in his/her account as a tax free benefit. g) The balance 75% is put in a annuity fund, and the agency (LIC) will pay the member a monthly/quarterly/periodic annuity returns depending on the option exercised by the member. This payment received regularly is taxable. h) In the case of resignation of the employee, the employee has the option to transfer his amount to the new employer. If the new employer does not have a Superannuation scheme, then the employee can withdraw the amount in the account, subject to deduction of tax and approval of IT department, or retain the amount in the Fund, till the superannuation age. Normally Companies do not extend the Superannuation benefits to all employees- but only to a specific category of employees - like for example Level-1 of Managers onwards..
What is taxed for income?
It is used to fund all public facilities.
What is superannuation in Australia?
Superannuation in Australia -Superannuation in Australia is aimed to give a decent savings to all working people at the tim of their retirement. all employers in Australia are legally bound to give superannuation contribution to full time employees. in ceratin cases, superfunds also offer life insurance as well as investment cover. you can also invest your fund money to gain good benefit from investments. that australian taxation office also offers verious rebates on income deposited into superfund.BBW Accounting Services Pvt. Ltd.http://www.bbw-services.comhttp://www.bbwgroup.com.au
