Find out more in our Employer Guide. There are essentially two types of super contributions you can make: Concessional contributions are made from before-tax income and are taxed at 15% in your super fund. All rights reserved, You can use the below service channels to change your investment allocation, View our Business Internet Banking demonstration, Video on submitting MPF remittance statements electronically, New to online banking? When it comes to super, it’s still a man’s world. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history. A Product Disclosure Statement (PDS) is available from Westpac upon request. I get that, because I know that when my personality is believing insecure thoughts, I too act from that insecurity and say or do things that I later regret. (2) A declaration under subsection (1) must specify the date of effect of the declaration. The trustee does not accept liability if loss or damage is incurred from the acquisition of third party products or services. All individual Salary Redirection Agreements are deemed to be part of this Plan and incorporated by reference hereunder. The changes must not change the effect of the law. The human personality, as a rule, is conditioned to fear rejection and crave approval. (PDF), Pension Guide PDS (2) The notice of revocation must specify a date from which the revocation is to take effect, being the date on which the notice of revocation is given or a later date. Any other statement in column 2 has effect according to its terms. Non-concessional contributions are made from after-tax income and are not taxed in your super fund. (PDF), Insurance Guide (2) For the purposes of subsection (1), a person becomes a person who, under section 10, can choose a fund as described in section 11, on whichever of the following days applies: (a) in the case of a person to whom paragraph 10(a) applies: (i) unless subparagraph (ii) applies—the first day of the relevant new scheme contribution period of the person; or. , in relation to a person at a particular time, means: , in relation to a person, has the meaning given by section 5. means an office holder (within the meaning of the, (a) an allowance by way of salary under clause 1 of Schedule 3 to the, (i) as in force before the commencement of Schedule 2 (the, (b) parliamentary base salary (within the meaning of the, (c) base salary (within the meaning of the, , in relation to a Minister of State, means Ministerial salary (within the meaning of the, (1) For the purposes of this Act, a fund or scheme is a, (a) the fund or scheme is a complying superannuation fund for the purposes of the, (b) the fund or scheme is a superannuation fund as defined by subsection 6(1) of the, (a) any notice that is given after that time under section 40 of the, (b) any revocation or setting aside, after that time, of a notice given before that time under section 40 of the. In some circumstances, you may need to pay a different amount. (1) For the purposes of this Act, a new scheme contribution period of a person is a period described in subsection (2) or (3). SuperGuide is Australia’s leading superannuation and retirement planning website. Here are a few things: Finally, other people’s choices are always about them, never about you. July 3, 2020 by Janine Mace Leave a Comment. (2) Subject to subsections (3) and (4), the amount of the contribution is an amount equal to 15.4% of the sum of: (a) the amount of parliamentary allowance to which the person is entitled in respect of the month; and, (b) the amount (if any) of salary to which the member is entitled because he or she was a Minister of State for some or all of the month; and. Watch this online banking demo, Register for e-MPF Member Benefit Statement, Understand more about MPF feature in HSBC HK Mobile Banking, Log on to Personal Internet Banking This link will open in a new window, Visit our contact us section This link will open in a new window, Tax deductible voluntary contributions account, Forms and Documents This link will open in a new window, Management fees This link will open in a new window, Unit prices and cumulative performance This link will open in a new window, HSBC MPF News This link will open in a new window, Glossary This link will open in a new window, HSBC MPF awards This link will open in a new window, Service processing time This link will open in a new window, Frequently asked questions about MPF This link will open in a new window, Enquiries and Feedback This link will open in a new window, Submit documents for Cash Instalment Plan, Explore Financial Planning & Wealth Management, Instant RewardCash redemption at merchants, And your nearest Express Banking location, Careers, media, investor and corporate information, Changing online banking password or MPF phone PIN, Total control: You can make contributions at your own pace. Click here to learn more about Tax Deductible Voluntary Contributions. Meaning of Naturalism: Naturalism is a philosophical doctrine. Tax deductible voluntary contributions is accepted at the discretion of the Trustee. The endnotes provide information about this compilation and the compiled law. (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act. Non-concessional contributions are made from after-tax income and are not taxed in your super fund. (1) The member may vary a choice notice he or she has given by notice in writing signed by the member and given to the administering authority. There aren’t many things that are truly in “my business”, but the ones that are, are enough for a lifetime (or more) of practice and mastery. If you're a registered online banking user, you can automatically access your MPF account information through Personal Internet Banking or HSBC HK Mobile Banking provided you use the same identification numbers, namely your Hong Kong ID or passport number, for your MPF account and your bank or credit card account. (2) The period that starts at the new scheme entry time for the person and that ends when the person next ceases to be entitled to a parliamentary allowance is a, and that ends when the person next ceases to be entitled to a parliamentary allowance is a, The new parliamentary superannuation scheme, Commonwealth’s obligations to make contributions, The Commonwealth’s obligations to make contributions, (3) For the purpose of paragraph (2)(a), any reduction under Division 3 of Part 2 of the, (4) An amount of parliamentary allowance, salary, or allowance by way of salary, is not to be taken into account under subsection (2) to the extent (if any) that it does not count as salary or wages for the purposes of section 19 of the, (a) this Division applies to the member in respect of one or more of the months in a quarter (as defined in the, (c) the Commonwealth would otherwise have an individual superannuation guarantee shortfall, in respect of the member and the quarter, for the purposes of the, (6) Despite anything else in this section, the Commonwealth is not required by this section to pay contributions to the person’s basic contributions fund if, under the, (1) A choice of a fund must be made by notice in writing (a, (a) the contribution payable under this Act in respect of the month in which the, (3) The notice of variation must specify a date (the, (4) A notice of variation to change the chosen fund to another complying superannuation fund or RSA (the, Obligation to notify person of right to choose a fund, (ii) if the day on which the person is declared, under section 283 or 284 of the, (b) in the case of a person to whom subparagraph 10(b)(i) applies—the day on which the person is declared, under section 283 of the, Parliamentary Business Resources (Consequential and Transitional Provisions) Act 2017 - C2017A00038, 4 Meaning of complying superannuation fund, 6 Meaning of new scheme contribution period, 8 The Commonwealth’s obligations to make contributions, 9 Meaning of fund—includes schemes and accounts, 16 Obligation to notify person of right to choose a fund. Topping up your spouse’s super account can be an easy way to build the nest egg you have to share during your retirement. To amend your instructions, complete the Change of Regular Flexi-contributions Instruction Form (INPA). The Trustee reserves the right not to accept additional voluntary contributions. Superannuation Guarantee (SG) law sets out who you need to pay super for, how much, when and more. (b) in relation to a person who is a member of the House of Representatives—the Clerk of the House of Representatives. (1) For the purposes of this Act, the new scheme entry time for a person is the first time after the commencement of this Act in relation to which the following conditions are satisfied: (a) the time is on or after the polling day for the first general election following the commencement of this Act; (b) the person becomes entitled to a parliamentary allowance at that time; (c) the person was not entitled to a parliamentary allowance immediately before that time. (b) the choice is made before the start of a new scheme contribution period of the person and at a time when: (i) the person has been elected to the Senate, but his or her entitlement to parliamentary allowance as a senator has not yet commenced; or. That means it’s up to women to even the score. If a misdescribed amendment cannot be given effect as intended, the abbreviation “(md not incorp)” is added to the details of the amendment included in the amendment history. Online banking allows members to instantly check MPF account balances and contribution history for the last 18 months, view or download annual Member Benefit Statements and change your investment allocation. 6 Meaning of new scheme contribution period. June 22, 2020 by SuperGuide Leave a Comment.
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