Kitty - Goes for the Blue.

29 June 2007

O.K. I was using the Bank West thing as a holding account to pick-up an easy $40, so sue me. (Join the queue) :+)

I close out my BWA account and plough the balance of ~ $533.29ish into the Blg Blue. Yes, AMP Super prior to 30/06.

Result: Government matches my contribution under the Co-contribution rules at:
(based of a Tax Rate of 28%).

$533.29 becomes a final balance of $799.94ish.

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  • hellwolf
    Now that you've put it into super, isn't your $799.94 stuck there until you turn 60? Which would mean you now have $0 left in your hand.
  • nod
    Go on... you are an accountant aren't you? We wont rib you too much.... ;)
  • admin EDITOR
    :D - from memory there's pecuniary taxes if you pull it out early - but I could be totally wrong.
  • nod
    Very good point Hellwolf... and depending on when you turn 60 Holdenmg would inflation mean that your $800 is worth less than the $533 you started off with? Or is it indexed to inflation?
  • holdenmg
    Even without the AMP I would be at ~ $533, maybe best to leave it at that...
  • admin EDITOR
    :D - it was another awesome effort holdenmg

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