?

Log in

No account? Create an account

Previous Entry | Next Entry

Yes, I am a Bitter Crank

Weather is cold today, about 10C with a biting wind. Hope the people who bitched about the heat are really happy.

Annual bonuses paid out today. I have mine paid into the super fund as salary sacrifice. This is because (1) I don't need the money (2) it attracts less tax. It would also be a big help if the fund didn't just piss it up against a wall like they did last year and the year before. And World's Worst Treasurer takes almost the same cut as the top tax bracket – a whopping 40%, when you include his stupid surcharge. He says that he intends to work until after he's 65. I say we give the pompous prick the bum's rush at the next election.

Geoff has achieved the Australian businessman's dream – the company is being taken over by the Americans. See here for details. I don't know what this means yet.

Episodes of Angel arrived in the mail today. On DVD, but they seem to be okay. Now I guess I'll have to buy a DVD burner. Bummer about the series folding. A year or two ago, I wouldn't have cared. Now Angel is going, Sex in the City, is gone, and there isn't a thing on the box. I did so want to see Carrie wind up with Big. Will see if I can trade Angel for The L Word with Gabby.

Comments

( 3 comments — Leave a comment )
communicator
26th Feb, 2004 03:25 (UTC)
super fund

How does that work?
hawkeye7
27th Feb, 2004 00:09 (UTC)
Superannuation
A super (or superannuation) fund is a retirement savings account. In Australia, employers must contribute at least 9% of the employee's base incoming into a super fund. Money is kept in a registered scheme. These are normally run by fund management companies and supervised by the government. Many companies make membership of their scheme a condition of employment, so changing jobs often involves rolling monies from one scheme to another. These contributions attract tax at a rate of 15% - substantially less than the top marginal rate of 47%:

Tax rates 2003-04

Taxable income
Tax on this income
$0 – $6,000Nil
$6,001 – $21,60017c for each $1 over $6,000
$21,601 - $52,000$2,652 plus 30c for each $1 over $21,600
$52,001 – $62,500$11,772 plus 42c for each $1 over $52,000
Over $62,500$16,182 plus 47c for each $1 over $62,500

The above rates do not include the Medicare levy of 1.5%.



The big catch is that you can't normally access your super until you turn 60. At least if you're GenX like me - Baby Boomers are allowed to retire and collect at 55.

Another catch is the current government's Superannuation surcharge. If your income is above $94,691 you have to pay more than 15%. After $114,981 you have to pay an additional 15%.
communicator
27th Feb, 2004 03:48 (UTC)
Re: Superannuation
OK, we have stuff like that with a different name, probably pension fund. I can see how super=superannuation, I've just never heard it called anything like that. I thought it was something more mysterious.
( 3 comments — Leave a comment )