AN EXAMINATION OF THE IMPACT OF THE FAMILY TAX INITIATIVE. Gillian Beer

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "AN EXAMINATION OF THE IMPACT OF THE FAMILY TAX INITIATIVE. Gillian Beer"

Transcription

1 AN EXAMINATION OF THE IMPACT OF THE FAMILY TAX INITIATIVE Gillian Beer Policy Papers No. 3 September 1996

2 National Centre for Social and Economic Modelling Faculty of Management University of Canberra The National Centre for Social and Economic Modelling was established on 1 January 1993, following a contract between the University of Canberra and the then federal Department of Health, Housing, Local Government and Community Services (now Health and Family Services). NATSEM aims to enhance social and economic policy debate and analysis by developing high quality models, applying them in relevant research and supplying consultancy services. NATSEM s key area of expertise lies in developing and using microdata and microsimulation models for a range of purposes, including analysing the distributional impact of social and economic policy. The NATSEM models are usually based on individual records of real (but unidentifiable) Australians. This base produces great flexibility, as results can be derived for small subgroups of the population or for all of Australia. NATSEM ensures that the results of its work are made widely available by publishing details of its products and research findings. Its technical and discussion papers are produced by NATSEM s research staff or visitors to the centre, are the product of collaborative efforts with other organisations and individuals, or arise from commissioned research (such as conferences). The Policy Papers Series aims to provide input into current policy debates. It must be emphasised that NATSEM does not have views on policy and that all opinions are the authors own. Director: Ann Harding NATSEM, University of Canberra 1996 National Centre for Social and Economic Modelling, GPO Box 563 Canberra ACT 2601 Australia Phone: Fax: Client services General

3 1 Abstract It is estimated that the implementation of the family tax initiative by the Coalition government will provide assistance to almost two million low and middle income families at a cost of over $900 million per year. This paper examines the impact of the proposed policy on Australian families using the STINMOD model. It looks at how sole parents will fare compared to couple families, the outcomes for single versus dual income families and the outcomes for families with differing incomes and numbers of children. It also examines the proportion of the cost of the policy that will be spent on families in each state. Contents 1. Introduction Details of the Family Tax Initiative Methodology Results Conclusions Appendix References... 17

4 2 Author note Gillian Beer is a Senior Research Officer at NATSEM. Acknowledgments The author would like to thank Ann Harding, Simon Lambert and Josh Polette for their comments on an earlier draft. General caveat NATSEM research findings are generally based on estimated characteristics of the population. Such estimates are usually derived from the application of microsimulation modelling techniques to microdata based on sample surveys. These estimates may be different to the actual characteristics of the population because of sampling and non-sampling error in the microdata and because of the assumptions underlying the modelling techniques. The microdata do not contain any information that enables identification of the individuals or families to which they refer.

5 3 1. Introduction In early 1996 the Family Tax Initiative was announced as a key election promise by the Coalition and, in the 1996/97 Budget, details of its implementation were announced. The government estimates that the family tax initiative will provide significant assistance to almost two million low and middle income families and will cost over $900 million per year (Commonwealth of Australia 1996a). This paper uses STINMOD, NATSEM's publicly available microsimulation model, to assess the impact of the family tax initiative on Australian families. It looks at who gains and by how much according to the number of children, the family structure and the level of family income. It also estimates the cost of the policy by state. 2. Details of the Family Tax Initiative In its proposed form, the family tax initiative is designed to provide assistance for families with children aged under 16 years of age and children aged 16 and 17 who are in full-time secondary education. For each eligible child, a family may receive a $1 000 increase in their taxfree threshold. In addition, single income families with at least one child aged under 5 years may receive a further $2 500 increase in their taxfree threshold. Both the $1 000 and $2 500 increases are subject to sudden death income tests on the income of the parent(s). For the $1 000 increase in the taxfree threshold, the combined taxable income of the taxpayer and his or her spouse (if there is one) must be less than $ per annum with a $3 000 increase in this limit for each dependent child other than the first. The cutout for the $2 500 increase is $ per annum, with this limit also increasing by $3 000 for each dependant other than the first. All sole parents with at least one child aged between 0 and 4 years are eligible for the extra $2 500 increase, provided their income is less than the calculated threshold (starting at $65 000). For couples with a child aged between 0 and 4 years, their combined taxable income must be less their calculated threshold starting at $ per annum and the income of the spouse with the lower income must be less than the

6 4 cutoff for the Basic Parenting Allowance 1. Based on January 1996 rates, this level is currently $4 487 per annum. Benefits from the family tax initiative can be received in one of two ways - via the tax system in the form of an income tax rebate (referred to as family tax assistance) or through the social security system in the form of a fortnightly cash payment (called the family tax payment). A family is automatically eligible for the fortnightly cash payment if they receive the higher rate of family payment (previously known as the additional family payment). Other low income families are also eligible for the cash payment if their taxable income (which does not include maintenance income) from last financial year is less than the cutout point for the higher rate of family payment (which is calculated including any rent assistance). Families falling into this category include sole parents whose current maintenance income excludes them from receiving the higher rate of family payment and/or parents of 16 and 17 year old children who are too old to be eligible for any family payment and are instead receiving AUSTUDY. Parents receiving a Department of Veterans' Affairs (DVA) payment and who therefore receive the DVA family pension instead of the family payment, also fall into this category and are eligible for the fortnightly cash payment. 1 In determining whether the family is single income or not, if the family is eligible for the cash payment form of the family tax initiative then the single income status of the family is assessed on the spouse's current private income (not including any government benefits such as pensions or job search allowance, parenting allowance etc received by the spouse). If, however, the family is eligible for the rebate form of the family tax initiative, the spouse's assessable income for the single income test is based on his or her current taxable income (and therefore, includes any taxable government benefits received by that person).

7 5 3. Methodology The impact of the family tax initiative on Australian families has been simulated using STINMOD/95, NATSEM's static microsimulation model. The model uses a database of over families adjusted to reflect the Australian population (ie, the demographic, labour force and family characteristics) as at November It then applies the rules of major government programs including social security, income tax, AUSTUDY and Medicare to each of the families in the database to simulate the distribution of family incomes in Australia (Lambert et al, 1994). The payment rates and tax rates used are those as at January The income tax program rules have been altered to incorporate the new family tax initiative. New outcomes are then produced and compared to the base outcomes (without the family tax initiative). This paper compares the disposable incomes 2 of a family before and after the implementation of the family tax initiative. The difference relative to their old disposable income is the percentage change resulting from the new policy (ie the percentage change in disposable income 3 ). It should be noted that being a static microsimulation model, the results produced from STINMOD are only the 'first-round' effects of a new policy and do not include any behavioural change that may result from the introduction of the policy change (Lambert et al, 1994, p. 3). In modelling the family tax initiative in STINMOD, if a family with eligible children does not receive the higher rate of family payment or their last year's taxable income is too high to be eligible for the cash payment (ie their combined incomes are greater than the cutout point for the higher rate of family payment) then they are assessed for eligibility for the rebate. The income test for the rebate is based on their current taxable income and the rebate is assigned to the parent with the highest taxable income to ensure the family gets the maximum possible gain. The value of the family tax initiative for a family is calculated by determining the increase in their taxfree threshold - determined by the number, age and study status of their children - and calculating the income tax that the family would have paid on 2 A family's disposable income is defined as the sum of their private incomes plus any transfer income they receive less their total income tax paid (net of any rebates). 3 The percentage change in disposable income is equivalent to the following: (new family disposable income - original family disposable income) *100 original family disposable income

8 6 that amount. For example, if a sole parent with $ taxable income had three children aged 3, 5 and 7 years, the increase in their taxfree threshold would be $5 500 (calculated as 3 * $ $2 500 for a child aged 0 to 4). The marginal tax rate of 20 per cent applicable to this amount is then applied to obtain the value of the family tax initiative for this family - $1 100 per annum or a $21.15 per week increase in their disposable income. Note that the family tax initiative also includes income tests to be applied to the income of the dependent children (based on the child income tests used for the family payment). However, STINMOD is unable to model these income tests due to the lack of data on children's income. The simulation assumes that all children are dependent for income test purposes. The total cost of the family tax initiative (including both the rebate and the cash payment) is estimated by the Government to be $923.7 million per annum. Initial estimates using STINMOD suggested a cost of over $ 1 billion. Adjustments for takeup of both the rebate and the cash payment in STINMOD have been made so as to match the Government s estimate and the resulting estimated total cost of the policy by STINMOD is $923.6 million per annum. For the analysis in this paper, all eligible families - sole parents and couples with dependent children 4 - are ranked according to their total taxable income and split into ten equal groups known as deciles. Singles and couples without children are not included in the sub-population. Those in decile one are families with the lowest 10 per cent of taxable incomes. Conversely, decile ten contains families with the top 10 per cent of taxable incomes. Table A.1 in Appendix A lists the income ranges covered by each decile. 4 Note that for this analysis a child is counted as being dependent if they are aged between 0 and 15 years inclusive or if they are aged 16 or 17 years and in full-time secondary education. This definition of dependent is different to the 'usual' STINMOD definition which includes children aged 16 to 24 years who are studying full-time.

9 7 4. Results It is estimated that almost 71 per cent of all eligible families will benefit from the implementation of the family tax initiative. Almost 65 per cent of these gains will be directed towards families in the bottom half of the eligible family population. That is, over half of the total cost of the proposal will be spent on families with taxable incomes less than $ per year. Sole parents will have an overall average increase of $8.30 per week in their disposable incomes (a two per cent increase) while couple families will have a slightly lower average increase of $7.30 per week, or almost one per cent of disposable income (table 1). Table 1: Estimated average dollar increase and percentage change in weekly disposable income by family type Decile Couple with children Sole parent Average increase Percentage change Average increase Percentage change $ pw % $ pw % ALL

10 8 The family tax initiative will provide the greatest average percentage increases in disposable incomes to families with lower incomes. It is also these families who receive most of the benefits from the proposed policy. Forty per cent of the total gains will be received by families in the bottom 30 per cent of the eligible family population. These are families with taxable incomes less than $ As figure 1 shows, sole parents in the bottom ten per cent of the eligible family income distribution receive an average percentage increase of just over three per cent - the largest percentage change for both sole parents and couple families across all deciles. The average percentage changes then decrease with increasing incomes until the top decile, where the average percentage change is negligible for both family types. The greater number of dual income families in the higher deciles and the smaller proportion of families with young children (aged 0 to 4 years) partially explain this pattern of declining average increases 5. Figure 1: Estimated percentage change in disposable income by family type and decile % change D e cile of e ligible family taxable income Couple Families Sole Parents 5 Note that even if family composition was constant across all deciles, the average percentage change in disposable income will still fall as average income increases. This is due to the fact that, for a given increase in disposable income, the increase represents a larger part of the total disposable income and therefore a greater percentage change for those with a smaller income base (and therefore, in the lower deciles) than for those on higher incomes (who are in the higher deciles).

11 9 In general, couple families receive both higher average increases and greater average percentage changes in their disposable incomes than sole parents in the same decile. For example, couple families in decile four receive an average increase of $9.50 per week, a percentage change of 1.8 per cent, while sole parents in that decile receive on average $5.90 per week more, a 1.1 per cent change (table 1). Only in deciles one and nine do the outcomes for sole parents exceed those for couple families. In decile 1 sole parents receive a 3.3 per cent increase or $10.00 per week more versus 2.8 per cent or $9.30 per week more for couple families. In decile nine, the difference in outcomes is not as great with sole parents receiving $4.70 more disposable income per week and couple families receiving $4.20 per week more (table 1). The lower averages for sole parents may at first seem surprising given the result that the overall average increase for sole parents is greater than for couple families (table 1). However, the distribution of sole parents across the deciles shows that there are a greater proportion of sole parents in the population on low incomes, whereas couple families are more evenly spread across the deciles (see Table A.2 in Appendix A). This results in the overall average for sole parents being more heavily weighted towards the averages in the lower deciles (which are higher than the averages in higher deciles) thereby giving sole parents a higher overall average than couple families. The differences in the percentage changes between couple families and sole parents is minimal in the top four income deciles. However, the difference in the average outcomes for couple and sole parent families in each decile for the bottom six deciles is more significant. This is because the majority of single income couple families are in the bottom half of the income distribution and, combined with a greater proportion of eligible families in these deciles having a child aged 0 to 4 years than sole parent families, more couple families are eligible for the additional $2 500 increase in their taxfree thresholds than are sole parents in the same decile. These are the two elements that combine to give couple families the higher average increases and greater percentage changes in all deciles other than the first. In the first and ninth deciles the situation is a little different. Almost half (around families) of all sole parents in the first decile have at least one child aged between 0 and 4 years whereas only a third ( families) of couple families have at least one child aged 0 to 4 years. In the ninth decile, again almost half of the sole parents in the decile have one or more young children aged 0 to 4 years whereas the corresponding number for couple families is less than a third (see table A.2 in Appendix A). All sole parents are eligible for the additional $2 500 increase provided they have a child aged between 0 and 4 years and their income is less than their

12 10 calculated threshold (starting at $65 000). The higher proportion of these sole parent families relative to couple families with young children brings about the higher average outcomes for sole parents in these two deciles. In the ninth decile, the difference between the average outcomes is less marked because the income test starts to take effect in this decile and not all sole parents with young children aged 0 to 4 years are able to benefit from the additional $2 500 increase. Overall, single income families (sole parents or couples with only one earner) receive a greater percentage increase in their disposable incomes than dual income families. Sole parents receive the highest overall relative change of almost 2 per cent. The figure for single income couple families is 1.6 per cent, while dual income families have an overall percentage change in their disposable income of just 0.6 per cent (table 2). This outcome reflects the higher concentration of single income families in the lower deciles where there is also a higher concentration of families with at least one child aged between 0 and 4 years who are able to benefit from the additional $2 500 increase in the taxfree threshold (Table A.3 in the Appendix). Table 2: Estimated average increases and percentage change in disposable income for single and dual income couple families and sole parents Decile Couple with children Sole parent Single Income Couple Family Average increase Percentage change Dual Income Family Average increase Percentage change Average increase Percentage change $ pw % $ pw % $ pw % ALL

13 11 As described in section 2, the family tax initiative is designed to provide more assistance for families with more children, all else being equal. Figure 2 shows that this is indeed what will happen, with the average percentage change in disposable income increasing in each decile with the number of children. Families (couples and sole parents) with one eligible child receive, on average, an extra $4.40 per week, a 0.6 per cent increase. Those with two or three children receive, on average, an extra $7.40 (0.9 per cent) and $10.90 (1.3 per cent) per week respectively, while those with four or more children receive $17.00 or 2.1 per cent more (table 3). Figure 2: Estimated percentage change in disposable income by number of eligible children % change Decile of eligible family taxable income 1 eligible child 2 eligible children 3 eligible children 4 + eligible children Table 3 shows the average gains and percentage increases for families with a given number of eligible children. The different outcomes between deciles for a given number of dependants reflects the percentage of single income families (sole parents and couples) and dual income families in each decile. As stated earlier, single income families are largely in the bottom half of the distribution resulting in higher average increases for the lower deciles as these families are able to take advantage of the additional $2 500 increase. As table 4 shows, almost 60 per cent of the total cost of the family tax initiative is spent on eligible families in NSW and Victoria, with 33 per cent of the total cost going to families living in NSW. Queensland families with eligible children absorb almost 20 per cent of the total cost while the smaller states such as Tasmania and the ACT /Northern Territory each absorb just 3 per cent. This outcome reflects the different sized populations of the states and territories.

14 12 Table 3: Estimated average increases and percentage change in weekly disposable income by number of eligible children Decile One eligible child Two eligible children Three eligible children Four or more eligible children Average Increase Percentage Change Average Increase Percentage Change Average Increase Percentage Change Average Increase Percentage Change $ pw % $ pw % $ pw % $ pw % ALL Table 4: State Estimated distribution of cost by state ($ million per annum) Cost of the family tax initiative New South Wales Victoria Queensland South Australia 70.9 Western Australia 82.5 Tasmania 27.4 Act & Northern Territory 23.5 Total 923.6

15 13 5. Conclusions This paper has examined the benefits Australian families with children stand to gain from the implementation of the proposed family tax initiative. It found that less than 30 per cent of eligible families will gain no increase in their disposable incomes as a result of the policy while eligible families with taxable incomes less than $ per year will receive two thirds of the total gains from the package. Around 40 per cent of the total gains will be received by families in the bottom 30 per cent of the family population. The dominant reason for this is the impact of the income tests in the higher deciles although family composition and labour force status also play some role in this outcome. The overall outcome for sole parents relative to couple families is slightly more favourable. The disposable incomes of sole parents will increase by an average of $8.30 per week and that of couple families will increase by $7.30 per week. Overall, single income couple families and sole parents will receive greater average percentage changes in their disposable incomes than dual income families. The concentration of single income families in the lower deciles, where families also tend to have more young children aged 0 to 4 years (enabling more families to claim the extra $2 500 taxfree), explain these higher average outcomes for single income families.

16 14 Appendix Table A.1: Estimated annual income ranges covered by deciles Decile of family taxable income for all families with children Income range ($ per annum)

17 15 Table A.2: Estimated number of families per decile with either no children aged 0 to 4 years or at least one child aged 0 to 4 years by family type. Decile Couple families Sole parent families No children aged 0 to 4 years At least one child aged 0 to 4 years No children aged 0 to 4 years At least one child aged 0 to 4 years ALL

18 16 Table A.3: Estimated number of families per decile with either no children aged 0 to 4 years or at least one child aged 0 to 4 years by family type and dual or single income status. Decile Single income couple families Dual income couple families Sole parent families No children aged 0 to 4 years At least one child aged 0 to 4 years No children aged 0 to 4 years At least one child aged 0 to 4 years No children aged 0 to 4 years At least one child aged 0 to 4 years ALL

19 17 References Lambert, S., R. Percival, D. Schofield and S. Paul (1994), An Introduction to STINMOD: A Static Microsimulation Model, STINMOD Technical Paper No 1, National Centre for Social and Economic Modelling, University of Canberra. Commonwealth of Australia (1996a), Budget Statements 1996/97, Budget Paper No. 1, Australian Government Publishing Service, Canberra. (1996b), Meeting Our Commitments, Australian Government Publishing Service, Canberra. (1996c), Strengthening Families, Australian Government Publishing Service, Canberra.

BEHIND THE DECLINE: THE CHANGING COMPOSITION OF PRIVATE HEALTH INSURANCE IN AUSTRALIA, 1983 95. Deborah Schofield, Simon Fischer and Richard Percival

BEHIND THE DECLINE: THE CHANGING COMPOSITION OF PRIVATE HEALTH INSURANCE IN AUSTRALIA, 1983 95. Deborah Schofield, Simon Fischer and Richard Percival BEHIND THE DECLINE: THE CHANGING COMPOSITION OF PRIVATE HEALTH INSURANCE IN AUSTRALIA, 1983 95 Deborah Schofield, Simon Fischer and Richard Percival Discussion Paper No. 18 May 1997 National Centre for

More information

Social Security. Social Security Payments and the Taxation System. Technical Series Number One

Social Security. Social Security Payments and the Taxation System. Technical Series Number One Social Security Social Security Payments and the Taxation System Technical Series Number One Social Security Payments and the Taxation System Technical Series No.1 Josh Polette (revised by Kate Chan) Social

More information

MODELLING INCOME TAX AND THE MEDICARE LEVY IN STINMOD. Simon Lambert. STINMOD Technical Paper No. 4, September 1994

MODELLING INCOME TAX AND THE MEDICARE LEVY IN STINMOD. Simon Lambert. STINMOD Technical Paper No. 4, September 1994 MODELLING INCOME TAX AND THE MEDICARE LEVY IN STINMOD Simon Lambert STINMOD Technical Paper No. 4, September 1994 National Centre for Social and Economic Modelling STINMOD Technical Paper Series Faculty

More information

CGT main residence exemption Why removing the tax concession for homes over $2 million is good for the budget, the economy and fairness

CGT main residence exemption Why removing the tax concession for homes over $2 million is good for the budget, the economy and fairness CGT main residence exemption Why removing the tax concession for homes over $2 million is good for the budget, the economy and fairness Policy Brief Matt Grudnoff January 2016 i ABOUT THE AUSTRALIA INSTITUTE

More information

Payroll Tax in the Costing of Government Services

Payroll Tax in the Costing of Government Services Payroll Tax in the Costing of Government Services Research Paper Steering Committee for the Review of Commonwealth/State Service Provision Commonwealth of Australia 1999 ISBN: 1 74037 006 6 This paper

More information

AUSTRALIA. 1. Overview of the system

AUSTRALIA. 1. Overview of the system AUSTRALIA 1. Overview of the system Australia has flat-rate, means-tested unemployment benefits. An administrative distinction is made between long-term and initial benefits, although this does not affect

More information

Rates of Tax 2011/12 Resident Individuals

Rates of Tax 2011/12 Resident Individuals s of Tax 2011/12 Resident Individuals The following rates apply to individuals who are residents of Australia for tax purposes for the entire income year. 1 Tax Payable 2, 3 0 6,000 Nil 6,001 37,000 15

More information

Rates of Tax 2013/14 Resident Individuals

Rates of Tax 2013/14 Resident Individuals July Supplement 2014 Rates of Tax 2013/14 Resident Individuals The following rates apply to individuals who are residents of Australia for tax purposes for the entire income year. 1 Tax Payable 2,3 0 18,200

More information

The Lifewise / NATSEM Underinsurance Report

The Lifewise / NATSEM Underinsurance Report The Lifewise / NATSEM Underinsurance Report Understanding the social and economic cost of underinsurance Research Report PREPARED BY Dr Simon Kelly and Dr Vu Quoc Ngu PREPARED FOR Lifewise, an initiative

More information

THE TAX INSTITUTE. Tax Rates Table 2013-14

THE TAX INSTITUTE. Tax Rates Table 2013-14 THE TAX INSTITUTE Tax Rates Table 2013-14 taxinstitute.com.au Individual income tax rates Residents 2012-13 2013-14 Taxable income Marginal rate Tax on this income $0 $18,200 Nil Nil $18,201 $37,000 19%

More information

MODELLING THE COVERAGE OF PRIVATE HEALTH INSURANCE IN AUSTRALIA IN 1995. Richard Percival, Deborah Schofield and Simon Fischer

MODELLING THE COVERAGE OF PRIVATE HEALTH INSURANCE IN AUSTRALIA IN 1995. Richard Percival, Deborah Schofield and Simon Fischer MODELLING THE COVERAGE OF PRIVATE HEALTH INSURANCE IN AUSTRALIA IN 1995 Richard Percival, Deborah Schofield and Simon Fischer Technical Paper No. 12 May 1997 National Centre for Social and Economic Modelling

More information

ANCILLARY AND SPECIALIST HEALTH SERVICES: DOES LOW INCOME LIMIT ACCESS? Deborah Schofield

ANCILLARY AND SPECIALIST HEALTH SERVICES: DOES LOW INCOME LIMIT ACCESS? Deborah Schofield ANCILLARY AND SPECIALIST HEALTH SERVICES: DOES LOW INCOME LIMIT ACCESS? Deborah Schofield Discussion Paper No. 22 June 1997 National Centre for Social and Economic Modelling Faculty of Management University

More information

CPA AUSTRALIA TAX AND SOCIAL SECURITY GUIDE: 2014 2015

CPA AUSTRALIA TAX AND SOCIAL SECURITY GUIDE: 2014 2015 CPA AUSTRALIA TAX AND SOCIAL SECURITY GUIDE: 2014 2015 This guide is the initiative of the CPA Australia Retirement Savings Centre of Excellence. Information is current based on legislation as at 1 July

More information

CPA Australia Tax and Social Security Guide: 2013-2014

CPA Australia Tax and Social Security Guide: 2013-2014 CPA Australia Tax and Social Security Guide: 2013-2014 This guide is the initiative of the CPA Australia Retirement Savings Centre of Excellence. Information is current based on legislation as at 1 July

More information

Australia. Old Age, Disability, and Survivors. Australia. Exchange rate: US$1.00 equals 1.32 Australian dollars (A$). Qualifying Conditions

Australia. Old Age, Disability, and Survivors. Australia. Exchange rate: US$1.00 equals 1.32 Australian dollars (A$). Qualifying Conditions Australia Exchange rate: US$1.00 equals 1.32 Australian dollars (A$). Old Age, Disability, and Survivors First laws: 1908 (old-age and disability) and 1942 (widows). Current laws: 1991 (social security),

More information

Health expenditure Australia 2011 12: analysis by sector

Health expenditure Australia 2011 12: analysis by sector Health expenditure Australia 2011 12: analysis by sector HEALTH AND WELFARE EXPENDITURE SERIES No. 51 HEALTH AND WELFARE EXPENDITURE SERIES Number 51 Health expenditure Australia 2011 12: analysis by sector

More information

Household Energy Expenditure: Measures es off Hardship & Changes in Income

Household Energy Expenditure: Measures es off Hardship & Changes in Income : Measures es off Hardship & Changes in Income By Professor or Sue Richardson Associate Professor or Peter Travers The National Institute of Labour Studies February, 2004 4 Table of Contents HOUSEHOLD

More information

receive the full amount of any of the qualifying benefits and allowances for the full year, and have no other taxable income.

receive the full amount of any of the qualifying benefits and allowances for the full year, and have no other taxable income. Page 1 of 9 Guide to tax offsets Overview Tax offsets (sometimes also referred to as rebates) directly reduce the amount of tax you must pay. They are not the same as tax deductions. Deductions only reduce

More information

Living Standard Trends in Australia: Report for Anglicare Australia. BEN PHILLIPS NATSEM UNIVERSITY OF CANBERRA, September 2015

Living Standard Trends in Australia: Report for Anglicare Australia. BEN PHILLIPS NATSEM UNIVERSITY OF CANBERRA, September 2015 Living Standard Trends in Australia: Report for Anglicare Australia BEN PHILLIPS NATSEM UNIVERSITY OF CANBERRA, September 2015 2 Contents 1 Executive Sumary 3 2 Introduction 5 3 Methodology 6 4 Results

More information

A super waste of money

A super waste of money A super waste of money Redesigning super tax concessions April 2015 ISSN 1836-9014 Matt Grudnoff Policy Brief About TAI The Australia Institute is an independent public policy think tank based in Canberra.

More information

FEDERAL BUDGET 2009 SUMMARY

FEDERAL BUDGET 2009 SUMMARY FEDERAL BUDGET 2009 SUMMARY 13 May 2009 As widely expected, last nightʼs Federal Budget contained a number of proposals that will affect clients. Importantly, the proposals will require passage of legislation

More information

Women Carers in Financial Stress Report

Women Carers in Financial Stress Report Commonwealth Financial Planning Women Carers in Financial Stress Report Lifetime health and economic consequences of caring: modelling health and economic prospects of female carers in Australia prepared

More information

CPA AUSTRALIA TAX AND SOCIAL SECURITY GUIDE: 2015 2016

CPA AUSTRALIA TAX AND SOCIAL SECURITY GUIDE: 2015 2016 CPA AUSTRALIA TAX AND SOCIAL SECURITY GUIDE: 2015 2016 This guide is the initiative of the CPA Australia Retirement Savings Centre of Excellence. Information is current based on legislation as at 1 July

More information

Current as at 1 July 2014 Adviser use only. Technical guide: Challenger Lifetime and Term Annuities

Current as at 1 July 2014 Adviser use only. Technical guide: Challenger Lifetime and Term Annuities Current as at 1 July 2014 Adviser use only Technical guide: Challenger Lifetime and Term Annuities Table of contents Introduction 1 Challenger Lifetime Annuities 2 Product features 3 Centrelink treatment

More information

National Disability Insurance Scheme (NDIS): Funding the Unfunded Commitment

National Disability Insurance Scheme (NDIS): Funding the Unfunded Commitment National Disability Insurance Scheme (NDIS): Funding the Unfunded Commitment prepared for the Insurance Council of Australia April 2012 NDIS is currently a $6.5 billion per annum unfunded commitment this

More information

2 Social security and welfare expenses

2 Social security and welfare expenses 2 Social security and welfare expenses Total spending on social security and welfare was $131.9 billion in 2012-13, or around one third of total government spending. The composition of this spending is

More information

POVERTY ALLEVIATION VERSUS SOCIAL INSURANCE SYSTEMS: A COMPARISON OF LIFETIME REDISTRIBUTION. Jane Falkingham and Ann Harding

POVERTY ALLEVIATION VERSUS SOCIAL INSURANCE SYSTEMS: A COMPARISON OF LIFETIME REDISTRIBUTION. Jane Falkingham and Ann Harding POVERTY ALLEVIATION VERSUS SOCIAL INSURANCE SYSTEMS: A COMPARISON OF LIFETIME REDISTRIBUTION Jane Falkingham and Ann Harding Discussion Paper No. 12 April 1996 National Centre for Social and Economic Modelling

More information

THE DISTRIBUTION AND DETERMINANTS OF PRIVATE HEALTH INSURANCE IN AUSTRALIA, 1990. Deborah Schofield

THE DISTRIBUTION AND DETERMINANTS OF PRIVATE HEALTH INSURANCE IN AUSTRALIA, 1990. Deborah Schofield THE DISTRIBUTION AND DETERMINANTS OF PRIVATE HEALTH INSURANCE IN AUSTRALIA, 1990 Deborah Schofield Discussion Paper No. 17 May 1997 National Centre for Social and Economic Modelling Faculty of Management

More information

2 Voluntary retirement module specification

2 Voluntary retirement module specification 2 Voluntary retirement module specification As part of its research on Superannuation Policy for Post-Retirement the Commission has developed a model referred to as the Productivity Commission Retirement

More information

A guide to concession cards

A guide to concession cards A guide to concession cards humanservices.gov.au 2 A guide to concession cards Contents Introduction 4 Department of Human Services concession cards 4 Pensioner Concession Card 4 Health Care Card 6 Commonwealth

More information

Redundancy. Benefit application form. Before you start SRR1 01/14. What we need from you. What you can expect from us

Redundancy. Benefit application form. Before you start SRR1 01/14. What we need from you. What you can expect from us SRR1 01/14 Redundancy Benefit application form Before you start Before you complete this benefit application form, please read the CSS Product Disclosure Statement. This form and the Explanatory notes

More information

2014 Federal Budget Analysis

2014 Federal Budget Analysis For adviser use only. Not for public distribution. 2014 Federal Budget Analysis In one of the more highly anticipated Federal Budgets, the Government announced major changes that should be discussed with

More information

Understanding Superannuation

Understanding Superannuation Understanding Superannuation Client Fact Sheet July 2012 Superannuation is an investment vehicle designed to assist Australians save for retirement. The Federal Government encourages saving through superannuation

More information

FEDERAL BUDGET 2014 Member factsheet

FEDERAL BUDGET 2014 Member factsheet FEDERAL BUDGET 2014 Member factsheet KEY HIGHLIGHTS - Introduction of Temporary Budget Repair Levy - Refund of excess non-concessional contributions without penalty - Age pension age increasing to age

More information

FEDERAL BUDGET 2009 UPDATE BRIEF SUMMARY

FEDERAL BUDGET 2009 UPDATE BRIEF SUMMARY Wealth Management Federal Budget 2009 FEDERAL BUDGET 2009 UPDATE BRIEF SUMMARY The Government has delivered what it says is one of the most difficult Budgets since the great depression, with many winners

More information

Budget priorities: cut company tax, invest in infrastructure and balance budget within five years.

Budget priorities: cut company tax, invest in infrastructure and balance budget within five years. Ai Group Survey Business Priorities for the 2014-15 Federal Budget Budget priorities: cut company tax, invest in infrastructure and balance budget within five years. 4 May 2014 The top three priorities

More information

Cessation of employment

Cessation of employment SR1 04/12 Cessation of employment Benefit application form Before you start Before you complete this benefit application form, please read the CSS Product Disclosure Statement. This form and the Explanatory

More information

5. Income tax and National Insurance contributions

5. Income tax and National Insurance contributions 5. Income tax and National Insurance contributions The Labour manifesto for the 2001 general election promised that we will not raise the basic or top rates of income tax in the next Parliament. 1 This

More information

Your guide to Deeming information and changes

Your guide to Deeming information and changes Your guide to Deeming information and changes Changes apply from 1 January 2015 YOUR GUIDE TO DEEMING INFORMATION AND CHANGES 1 ISBN 978-1-925007-67-1 With the exception of the Commonwealth Coat of Arms,

More information

Pricing, Cost Structures, and Profitability in the Australian Vegetable Industry

Pricing, Cost Structures, and Profitability in the Australian Vegetable Industry Pricing, Cost Structures, and Profitability in the Australian Vegetable Industry This paper examines some key financial aspects of the Australian vegetable industry as it relates to pricing and costs of

More information

Description of tax expenditures

Description of tax expenditures Appendix A Description of tax expenditures This Appendix provides further information on the tax expenditures identified in Table 5.1, including legislative references and, in some cases, an expanded description

More information

Information Booklet about your claim for Family Assistance making an annual lump sum claim for payment

Information Booklet about your claim for Family Assistance making an annual lump sum claim for payment Information Booklet about your claim for Family Assistance making an annual lump sum claim for payment Use our online services You can claim these payments online. Claiming online is faster. You can access

More information

Policy to Deliver Lower Prices by Scrapping the Carbon Tax

Policy to Deliver Lower Prices by Scrapping the Carbon Tax 1 olicy to Deliver Lower Prices by Scrapping the Carbon Tax September 2013 2 Key Points The Coalition will abolish the carbon tax. We will create a special unit within the Australian Competition and Consumer

More information

Smart strategies for maximising retirement income

Smart strategies for maximising retirement income Smart strategies for maximising retirement income 2010 Why you need to create a life-long income Australia has one of the highest life expectancies in the world and the average retirement length has increased

More information

THE NATIONAL QUALITY FRAMEWORK FOR EARLY CHILDHOOD EDUCATION AND CARE: INFORMATION FOR FAMILIES

THE NATIONAL QUALITY FRAMEWORK FOR EARLY CHILDHOOD EDUCATION AND CARE: INFORMATION FOR FAMILIES COUNCIL OF AUSTRALIAN GOVERNMENTS 1 THE NATIONAL QUALITY FRAMEWORK FOR EARLY CHILDHOOD EDUCATION AND CARE: INFORMATION FOR FAMILIES Research shows that a child s experience in their first five years sets

More information

Tax Offsets 2014/15. Voice. Dependant Tax Offsets. 2014/15 Description. Max Offset $

Tax Offsets 2014/15. Voice. Dependant Tax Offsets. 2014/15 Description. Max Offset $ Tax Offsets 2014/15 Dependant Tax Offsets From 1 July 2012 (i.e., for the 2013 and later income years), the Dependant (Invalid and Carer) Tax Offset (DICTO) replaced eight dependent rebates (namely, the

More information

Assistance in the private sector. 11 Rent assistance in the private market...28. 12 Home ownership assistance...31

Assistance in the private sector. 11 Rent assistance in the private market...28. 12 Home ownership assistance...31 Assistance in the private sector 11 Rent assistance in the private market...28 12 Home ownership assistance...31 27 11. Rent assistance in the private market Rent assistance to tenants in the private rental

More information

2016/17 Budget. 1. Effective Budget Night 7.30pm (AEST) 3 May 2016. 1.1 New lifetime cap for non-concessional superannuation contributions

2016/17 Budget. 1. Effective Budget Night 7.30pm (AEST) 3 May 2016. 1.1 New lifetime cap for non-concessional superannuation contributions 2016/17 Budget Superannuation reform changes 1. Effective Budget Night 7.30pm (AEST) 3 May 2016 1.1 New lifetime cap for non-concessional superannuation contributions The government will introduce a $500,000

More information

Private health insurance policy details

Private health insurance policy details Private health insurance policy details PRIVATE HEALTH INSURANCE YOU NEED TO KNOW The information on this page will help you complete Private health insurance policy details on page 4 of your tax return.

More information

Statistical appendix. A.1 Introduction

Statistical appendix. A.1 Introduction A Statistical appendix A.1 Introduction This appendix contains contextual information to assist the interpretation of the performance indicators presented in the Report. The following four key factors

More information

Regulation impact statement Unincorporated small business tax discount

Regulation impact statement Unincorporated small business tax discount Regulation impact statement Unincorporated small business tax discount Contents Background... 1 1. The problem... 1 2. Case for government action/objective of reform... 2 3. Policy options... 3 Option

More information

Traditional gender roles still evident

Traditional gender roles still evident 17 November 2011 Public Affairs Tel: 02 9257 6127 Email: media@amp.com.au Website: AMP.com.au/media AMP_au Australian families feeling time pressured Traditional gender roles still evident Balancing work

More information

A guide to Centrelink concession cards

A guide to Centrelink concession cards A guide to Centrelink concession cards 2 A guide to Centrelink concession cards Contents Introduction 4 What concession cards are available? 5 Who will appear on your card? 12 What information will appear

More information

CORPORATE NEWSLETTER

CORPORATE NEWSLETTER CORPORATE NEWSLETTER Summer 2014 Page 2 Corporate Newsletter - Summer 2014 CORPORATE NEWSLETTER - SUMMER 2014 Dear Reader, Welcome to our quarterly newsletter which will provide updates and reminders of

More information

Australia & New Zealand. Return to Work Monitor 2011/12. Heads of Workers Compensation Authorities

Australia & New Zealand. Return to Work Monitor 2011/12. Heads of Workers Compensation Authorities Australia & New Zealand Return to Work Monitor 2011/12 Prepared for Heads of Workers Compensation Authorities July 2012 SUITE 3, 101-103 QUEENS PDE PO BOX 441, CLIFTON HILL, VICTORIA 3068 PHONE +613 9482

More information

COMMINSURE HOME INSURANCE PREMIUM, EXCESS AND DISCOUNT GUIDE.

COMMINSURE HOME INSURANCE PREMIUM, EXCESS AND DISCOUNT GUIDE. COMMINSURE HOME INSURANCE PREMIUM, EXCESS AND DISCOUNT GUIDE. This document provides you with information to help you understand how your total premium has been calculated, discounts that are available

More information

Changes to private health insurance rebate and Medicare levy surcharge Introduction

Changes to private health insurance rebate and Medicare levy surcharge Introduction Changes to private health insurance rebate and Medicare levy surcharge Introduction For an explanation of terms used, see Definitions. From 1 July 2012, the private health insurance rebate and the Medicare

More information

Planning for retirement

Planning for retirement Planning for retirement 1 Disclaimer This presentation contains general advice current as at April 2016 and has been prepared without taking account of your objectives, financial situation or needs. Before

More information

International Market Profile: Thailand Year ending December 2015

International Market Profile: Thailand Year ending December 2015 International Market Profile: Thailand Year ending December 2015 This fact sheet provides a summary of the latest tourism data for visitors from Thailand to Victoria. Information includes: visitor numbers,

More information

Private Health Insurance (PHI)

Private Health Insurance (PHI) Private Health Insurance (PHI) Proposed means testing not consistent with Community Rating 12 July 2011 On 7 July 2011, the Commonwealth government introduced legislation into Parliament to establish a

More information

Use of the Coat of Arms The terms under which the Coat of Arms can be used are set out on the It s an Honour website (see www.itsanhonour.gov.au).

Use of the Coat of Arms The terms under which the Coat of Arms can be used are set out on the It s an Honour website (see www.itsanhonour.gov.au). Social Services 13 May 2014 Commonwealth of Australia 2014 ISBN 978-0-642-74983-3 This publication is available for your use under a Creative Commons BY Attribution 3.0 Australia licence, with the exception

More information

REPORT: COST OF LIVING AND STANDARD OF LIVING INDEXES FOR AUSTRALIA June 2013. Ben Phillips Principal Research Fellow

REPORT: COST OF LIVING AND STANDARD OF LIVING INDEXES FOR AUSTRALIA June 2013. Ben Phillips Principal Research Fellow NATSEM NATSEM Working Paper HOUSEHOLD Yr/No BUDGET REPORT: COST OF LIVING AND STANDARD OF LIVING INDEXES FOR AUSTRALIA June 2013 Ben Phillips Principal Research Fellow August 2013 About NATSEM The National

More information

A guide to concession cards

A guide to concession cards A guide to concession cards 2 A guide to concession cards Contents Introduction 5 What concession cards are available? 6 Commonwealth Seniors Health Card 11 If your card is lost or stolen 13 Who will appear

More information

Taxation measures. Medicare low income thresholds. Changes to tax rates for non-residents. Changes to the net medical expenses tax offset

Taxation measures. Medicare low income thresholds. Changes to tax rates for non-residents. Changes to the net medical expenses tax offset 2012-2013 Federal Budget Report May 2012 This year s Federal Budget was returned to surplus while ensuring families and small business share in the benefits of the resource boom. Cor sae por restiam adis

More information

Health insurance tax rort

Health insurance tax rort THE AUSTRALIA INSTITUTE Health insurance tax rort November 2002 This report concludes that private health insurance funds are facilitating and, in some cases, encouraging tax avoidance by providing products

More information

Understanding retirement income Version 5.0

Understanding retirement income Version 5.0 Understanding retirement income Version 5.0 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to understanding retirement.

More information

Health & the economic crisis: the Australian case

Health & the economic crisis: the Australian case Health & the economic crisis: the Australian case Country: Australia Partner Institute: Centre for Health, Economics Research and Evaluation (CHERE), University of Technology, Sydney Survey no: (14) 2009

More information

SALARY PACKAGING SUPERANNUATION GUIDE TO EMPLOYEES

SALARY PACKAGING SUPERANNUATION GUIDE TO EMPLOYEES SALARY PACKAGING SUPERANNUATION GUIDE TO EMPLOYEES Superannuation Introducing Salary Packaging Salary packaging has been made available to all staff of the University through the Enterprise Agreement process.

More information

Lump Sum My Retirement

Lump Sum My Retirement Lump Sum My Retirement General advice warning The schemes administered by Super SA are exempt public sector schemes and therefore we are not required to hold an Australian Financial Services licence to

More information

CLIENT FACT SHEET. If you are under age 65 you may make personal contributions to superannuation on your own behalf.

CLIENT FACT SHEET. If you are under age 65 you may make personal contributions to superannuation on your own behalf. CLIENT FACT SHEET July 2010 Understanding superannuation and superannuation contributions Superannuation is an investment vehicle designed to assist Australians in saving for their retirement. The Government

More information

Poverty and its Causes

Poverty and its Causes Poverty and its Causes Introduction This report updates ACOSS Poverty Report, last published in October 2010. While the total measurement of poverty in Australia has not been brought up to date since 2006,

More information

Department of Economics, UCSB UC Santa Barbara

Department of Economics, UCSB UC Santa Barbara Department of Economics, UCSB UC Santa Barbara Title: The Australian Private Health Insurance Boom: Was It Subsidies Or Liberalised? Author: Frech, Ted, University of California, Santa Barbara Hopkins,

More information

State of Child Care in Australia 1

State of Child Care in Australia 1 State of Child Care in Australia This publication provides information on the state of child care in Australia. The report sources information from administrative data and survey data from the Department

More information

11 August 2014. Review of Australia s Welfare System CANBERRA ACT 2600. Dear Sir/Madam. Welfare Review Submission

11 August 2014. Review of Australia s Welfare System CANBERRA ACT 2600. Dear Sir/Madam. Welfare Review Submission 11 August 2014 Review of Australia s Welfare System CANBERRA ACT 2600 Dear Sir/Madam Welfare Review Submission The Financial Services Council (FSC) represents Australia's retail and wholesale funds management

More information

Submission to the Inquiry into the. Tax Laws Amendment. (Medicare Levy Surcharge Thresholds) Bill 2008 AUGUST 2008

Submission to the Inquiry into the. Tax Laws Amendment. (Medicare Levy Surcharge Thresholds) Bill 2008 AUGUST 2008 Submission to the Inquiry into the Tax Laws Amendment (Medicare Levy Surcharge Thresholds) Bill 2008 AUGUST 2008 Gerardine (Ged) Kearney Federal Secretary Lee Thomas Assistant Federal Secretary Australian

More information

AustChoice Super general reference guide (ACH.02)

AustChoice Super general reference guide (ACH.02) AustChoice Super general reference guide (ACH.02) Issued: 28 May 2015 This guide contains important information not included in the AustChoice Super PDS. We recommend you read this entire guide. The information

More information

Q&A on tax relief for individuals & families

Q&A on tax relief for individuals & families Q&A on tax relief for individuals & families A. Tax cuts individuals What are the new tax rates? The table below shows the new tax rates being rolled out from 1 October 2008, 1 April 2010 and 1 April 2011,

More information

Submission to the Taxation Review Panel. Adequate, fair, sustainable, and simple: Retirement incomes reform. ACOSS, February 2009

Submission to the Taxation Review Panel. Adequate, fair, sustainable, and simple: Retirement incomes reform. ACOSS, February 2009 ACOSS Submission February 2009 Submission to the Taxation Review Panel Adequate, fair, sustainable, and simple: ACOSS, February 2009 Table of Contents Summary... 1 Directions for reform... 2 1. Adequate...

More information

The sooner you start thinking about growing your super, the better. But it s never too late.

The sooner you start thinking about growing your super, the better. But it s never too late. > Get calculating! If you d like to see the effect that personal contributions may have on your final entitlement, access the Super SA Benefit Projector on the Super SA website www.supersa.sa.gov.au. The

More information

Gambling revenue. 10.1 Gambling revenue and taxation

Gambling revenue. 10.1 Gambling revenue and taxation Gambling revenue TECHNICAL PAPER 1 The gambling industry is subject to the Australian Government s GST, as well as a wide range of State taxes, license fees and levies. This paper focuses on State Government

More information

Fact Sheets: Business Bearing the Burden 2012

Fact Sheets: Business Bearing the Burden 2012 Fact Sheets: Business Bearing the Burden 2012 The Size and Impact of State and Territory Government Business Taxes: The IPA State Business Tax Calculator Julie Novak Senior Fellow January 2013 IPA State

More information

The Costs of Claytons Health Insurance Products

The Costs of Claytons Health Insurance Products Journal of Economic and Social Policy Volume 8 Issue 2 Article 5 1-1-2004 The Costs of Claytons Health Insurance Products Clive Hamilton Australian National University, ACT Richard Denniss Australian National

More information

Australian Unity s Submission: Productivity Commission Issues Paper Performance of Public and Private Hospital Systems

Australian Unity s Submission: Productivity Commission Issues Paper Performance of Public and Private Hospital Systems 06 August 2009 Mr David Kalisch Commissioner, Hospital Studies Productivity Commission Locked Bag 2, Collins Street East Melbourne Vic 8003 Australian Unity s Submission: Productivity Commission Issues

More information

How super is taxed. About this document. Tax on concessional contributions. Concessional contribution tax rates from 1 July 2015:

How super is taxed. About this document. Tax on concessional contributions. Concessional contribution tax rates from 1 July 2015: How super is taxed Date of issue: 1 July 2015 mtaasuper.com.audate Phone: 1300December 362 415 2014 Fax: 1300 365 142 of issue: The information in this document forms part of the Product Disclosure Statement

More information

RECENT INCOME TAX CHANGES

RECENT INCOME TAX CHANGES RECENT INCOME TAX CHANGES Increased Medicare Levy Low Income Thresholds The Medicare Levy low-income thresholds for families and dependent child-student component of the threshold have been changed to

More information

State Super. Fee Booklet. Date of Issue 20 January 2015

State Super. Fee Booklet. Date of Issue 20 January 2015 State Super Personal Retirement Plan ALLOCATED PENSION FUND Fee Booklet Date of Issue 20 January 2015 State Super Financial Services Australia Limited ABN 86 003 742 756 Australian Financial Services Licence

More information

RECENT INCOME TAX CHANGES

RECENT INCOME TAX CHANGES RECENT INCOME TAX CHANGES Financial Institution Details Required From 1 July 2013, when preparing your income tax returns we will need to include your nominated Australian bank account details when a refund

More information

End of financial year planning tips May 2014

End of financial year planning tips May 2014 End of financial year planning tips May 2014 With the end of the financial year fast approaching, it is a good time to review financial planning strategies with a view to optimising your outcomes. This

More information

Retirement incomes. Aisur. Submission to the Tax White Paper Task Force. July 2015

Retirement incomes. Aisur. Submission to the Tax White Paper Task Force. July 2015 Retirement incomes Submission to the Tax White Paper Task Force July 2015 Executive summary 2015 1 Background The Australian retirement income system comprises three pillars: a publicly funded means tested

More information

Estimated company tax, MRRT, carbon tax and royalties expenses for the minerals sector. Report prepared for the Minerals Council of Australia

Estimated company tax, MRRT, carbon tax and royalties expenses for the minerals sector. Report prepared for the Minerals Council of Australia Estimated company tax, MRRT, carbon tax and royalties expenses for the minerals sector Report prepared for the Minerals Council of Australia September 2013 Dr John Kunkel Deputy Chief Executive Minerals

More information

Contact us. Hoa Bui T: + 61 (02) 9335 8938 E: hbui@kpmg.com.au. Briallen Cummings T: + 61 (02) 9335 7940 E: bcummings01@kpmg.com.au. www.kpmg.com.

Contact us. Hoa Bui T: + 61 (02) 9335 8938 E: hbui@kpmg.com.au. Briallen Cummings T: + 61 (02) 9335 7940 E: bcummings01@kpmg.com.au. www.kpmg.com. Contact us Hoa Bui T: + 61 (02) 9335 8938 E: hbui@kpmg.com.au Briallen Cummings T: + 61 (02) 9335 7940 E: bcummings01@kpmg.com.au www.kpmg.com.au No reliance This report should not be regarded as suitable

More information

australian nursing federation

australian nursing federation australian nursing federation Submission to Fairer Private Health Insurance Incentives Bill 2009 and two related Bills; and Health Insurance Amendment (Extended Medicare Safety Net) Bill 2009 July 2009

More information

Avant Mutual Group Limited. Submissions to the Victorian Competition and Efficiency Commission Inquiry into Aspects of the Wrongs Act 1958

Avant Mutual Group Limited. Submissions to the Victorian Competition and Efficiency Commission Inquiry into Aspects of the Wrongs Act 1958 Avant Mutual Group Limited Submissions to the Victorian Competition and Efficiency Commission Inquiry into Aspects of the Wrongs Act 1958 1. Introduction Avant Mutual Group Limited ( Avant ) is Australia

More information

Disability and Carer Payment Rates

Disability and Carer Payment Rates Disability and Carer Payment Rates 20 September 31 December 2006 Disability Support Pension Sickness Allowance Carer Payment Carer Allowance Mobility Allowance Disability Support Pension (DSP) Aged 16

More information

General reference guide

General reference guide General reference guide (TPS.01) Issued: 1 July 2015 The Portfolio Service Super Essentials The Portfolio Service Superannuation Plan The Portfolio Service Retirement Income Plan This guide contains important

More information

SMALL BUSINESS NATION 2013

SMALL BUSINESS NATION 2013 SMALL BUSINESS NATION 2013 Australia has always been an entrepreneurial nation, with small business the backbone of the economy and the labour force. The Australian spirit of independence, a DIY attitude

More information

Taxation of lump sums

Taxation of lump sums MB09 04/12 Taxation of lump sums What you need to know Under current tax law both, your Employer and Member Benefits may be subject to tax if withdrawn as either a rollover or cash lump sum. The only exception

More information

Taxation of Non-Registered Enriched (or Impaired) Annuities

Taxation of Non-Registered Enriched (or Impaired) Annuities Taxation of Non-Registered Enriched (or Impaired) Annuities In addition to having a bearing on longevity, an individual s medical history can result in that individual being rated, which can translate

More information

Superannuation death benefits

Superannuation death benefits Last updated: 7 September 2010 Last updated: 1 January 2011 Superannuation death benefits This TapIn Guide looks at the key tax issues relating to superannuation death benefits paid from a complying superannuation

More information

Investing Report. Comparing 10, 20 and 25 year performance of various investments to December 2010 FULL REPORT / JUNE 2011

Investing Report. Comparing 10, 20 and 25 year performance of various investments to December 2010 FULL REPORT / JUNE 2011 Long-Term Investing Report Comparing 10, 20 and 25 year performance of various investments to December 2010 FULL REPORT / JUNE 2011 A research study issued by the ASX and Russell Investments About Us As

More information