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Government uses administrative powers to raise fuel tax Posted on Nov 24, 2014 by editor

Tax

The government has used its administrative powers to increase the tax that motorists pay on fuel. The controversial budget measure is currently encountering difficulty in the Senate, so the government has adjusted the indexation under the assumption that there will eventually be legislative approval. As of November 10, the tax on fuel was raised by approximately 0.5 cents per litre (from 38.143 to 38.6 cents). According to Finance Minister Mathias Cormann, the impact of the increased tax will be minor for most drivers. However, the Labour Party and the Australian Automobile Association have been quick to criticise the increase, claiming […]

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Don’t lose sight of super in divorce Posted on Nov 24, 2014 by editor

Super

The superannuation gap between men and women in Australia is troubling, especially when women’s longer life expectancy is taken into account. The super gap is slowly closing amongst younger generations. However, the superannuation account balances of women over 55 continues to lag behind their male counterparts. When going through a divorce, superannuation is treated as property. It may be divided up by a court order or negotiated throughout a settlement process. Research indicates that women are far more likely to prefer retaining the family home than to pursue superannuation. For many women, it may be hard to rebuild super following […]

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Nobel laureate recommends changes to Australian super system Posted on Nov 6, 2014 by editor

Super

Robert Merton, who was awarded the Nobel prize for economics in 1997, has recommended that the Australian superannuation system needs to rethink the way that it communicates with people about their retirement savings. Merton, who has spent the last decade studying retirement savings systems, believes that the Australian system is too focused on lump sum amounts, and should be regarded to make investors think about their future income streams. “We are teaching people to look at the wrong number,” Mr Merton said in an interview. “What is a good retirement is measured by the standard of living you want in […]

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