The 2023-24 Budget announces a marginal increase in the Medicare Levy low-income thresholds and an exemption of lump sum payments in arrears from the Medicare Levy. As flagged, the Government has also retained
Poland: Real estate depreciation; no VAT on free-of-charge transfers; reduction of VAT taxable amount upon lease termination; lump-sum income tax on advances (Supreme Administrative Court decisions) Summaries of recent Supreme Administrative Court decisions March 13, 2025 News South Africa: Propose...
These are called superannuation tax concessions. Tax on withdrawals from your superannuation When you become eligible to access your super account, you have a range of options: Leave the funds where they could grow until you need the money; take all or some of it out as a lump sum; or ...
This rebate, replaced by a lump sum payment in FTB-B (which is not income tested for sole parents), was used to decrease the amount of tax paid for some of the sole parents and thus the METR. Sole parents are the most responsive to the FTB-B reform. This is due to an income and...
Certain payments are tax-exempt, namely, certain lump sum payments for superannuation and long service leave. A non-resident individual is liable to pay PNG salary or wages tax, and these calculations are outlined in the IRC website. Personal Income Tax (PIT) Rates for Resident Individuals PIT...
The article reports on the introduction of the Tax Laws Amendment Bill 2008 in Australia. According to Nick Sherry, the minister for Superannuation and Corporate Law, the amendments will provide opportunities to terminally...
“de facto partner” of the deceased at the date of his death under theSuperannuation Act 1916(NSW) and theInterpretation Act 1987(NSW). Accordingly, the trustee determined that Ms Batistich was entitled to a fortnightly pension. If there was no spouse (including a de facto), a lump sum ...
Exemption under Section 10 (10A) on commuted pension If an employee has a pension fund to his name, a part of the fund can be commuted. Commutation of pension means withdrawing a part of the fund in a lump sum. The remaining fund is, then, used to pay pensions. This commutation of...
Lump sum & Allowances Payments: There are certain allowances which are taxable such as employer paying expenses for you living away from home. Coverage for Double Superannuation: If you don’t have a bilateral superannuation agreement then double superannuation coverage has to be paid by employer ...
Provided that nothing contained in this clause shall apply in relation to so much of the income by way of royalty as consists of lump sum consideration for the transfer outside India of, or the imparting of information outside India in respect of, any data, documentation, drawing or specifica...