How does the money in your super fund accumulate and how much can you expect to receive? * First, your employers have to pay an extra 9.25% of your salary to your super account (starting from 1st of July, 2013). The trustee of your super fund will manage it to generate investment income * Second, the ATO takes 15% of your total super fund amount as a concessional tax, whether this money is your employers contribution or is the profit generated from managing your super. Meanwhile, your super fund also charges monthly management and insurance fees * When you leave the country and your visa expires, you can apply to get your super. The ATO will charge 35% as withholding tax. Whatever money is left will be yours.
Posted on: Sun, 05 Oct 2014 08:35:12 +0000
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