Almo

I think it just goes to show that, as mentioned, if you're not sure you need to ask. All my roles have been quoted as salary only with super on top. My last role was in a not for profit in the education sector and all other roles were in education in some form or other.

OP, in my old role we worked with a number of Australian unis. Without knowing which unis in Melbourne you're considering it's a little tough to say which is better.

swans

You are correct,when the 9.25% comes in on 1 july people on a package will have salaries reduced.Meaning taxable income.

As with NICS in the UK there is also a maximum contribution,from memory around $17000,it gives a maximum wage around $180-185K.Earnings higher than that have no super on them unless agreed with the employer I suppose.

There is also the $25K limit on contributions that fall under the 15% tax regime.

Geordie downunder

Swerv-o

In short they actually make it very difficult to get money into super and of course head towards that magic $1m super target when you retire.

I have just turned 40, and my super balance is looking woeful, so my focus will no longer be on making additional voluntary contributions. I of course do need to find some form of other reasonably high yielding return, but the marginal tax treatment that I keep getting all investments hammered by seems to make my savings money go backwards, or at least perform worse than inflation.

I struggle to understand why the Australian government keeps banging on about how important it is to become a self funded retiree, yet with the other hand make it practically impossible to build the required wealth.


S

swans

Super was never designed to retire on,it is there to ease the social security budget.Depending on how many pensioners there are then if they are 50% self funded then this is a huge saving for the govt of the day.

Working on todays figures for the age pension, if there were 2 million claimants, then if the pension they received was 15K instead of 30K (married couple) then this is a saving of $30 billion for the govt,not bad at all.

Building a $million outside of super is very easy,and $1 million is nowhere near enough to retire on,and will be less so in 27 yrs time.In 27 yrs time depending on wage inflation then $1 million could be 2-3yrs average wages.Would you feel comfortable if you retired in the morning with around $230,000.Working on 3 yrs average,or around $160,000 on two years.

The taxation system is heavily loaded to investing outside of super,you just need to understand compounding,and the reciprocal,inflation.

geordie downunder

RedDragon2008

I just ensure my net banking figure is on the contract ie net of tax and super in terms of weekly, fortnightly monthly.



I also ensure they use landscape when printing