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The reforms will affect roughly 60,000 super account holders with balances in excess of $1.5m.
Still, you've got to make the money and put it aside in your super account, so it's your money.
The projected impact at retirement is significantly larger than the initial withdrawal because of the effect of compound interest over the life of the super account.
According to the group's calculations, such a person would retire at 67 years with $140,683 less in their super account in current prices, or would have to work extra years to make up the difference.
At the moment, individuals can make non-concessional contributions to their super account up to $180,000 every year, but the government says that $180,000 cap is too generous.
This would allow individuals with an adjusted taxable income of up to $37,000 to receive a refund into their super account of the tax paid on their concessional contributions, up to a cap of $500.
Similar(52)
She didn't know how many super accounts she had.
People currently enjoy tax-free earnings from super accounts in the retirement phase.
"Non-concessional" contributions are the voluntary contributions people make, from their post-tax income, into their super accounts.
It shows there is demand from the public for low-fee, simple to understand, no-frills super accounts.
She's trying to collect some old super still owed to her by a previous employer and has started consolidating her super accounts into a single fund.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com