Wages, 1960-1969. Federal Minimum Wage. Chart from the U.S. Dept of Labor shows the first federal minimum wage law enacted in 1938 (25 cents), and all subsequent increases through 2009. States could enact minimum wage laws as well, if they wished to have a higher minimum than that specified by the federal government.hart from the U.S. Dept of Labor shows the first federal minimum wage law enacted in 1938 (25 cents), and all subsequent increases through 2009. States could enact minimum wage laws as well, if they wished to have a higher minimum than that specified by the federal government.
The deal is that you increase your superannuation balance (and pay 15% contributions tax, and for those earning an adjusted taxable income of more than $300,000, 30% tax on super contributions) while reducing the amount of income tax payable (up to 49% including Medicare levy) on your salary or wages.
There is no income or capital gains tax on super used to pay a pension. If your super fund is earning, say, 10 per cent a year, this tax saving will be approximately 1.5 per cent of assets in the pension fund. If the earnings are 20 per cent a year, the tax saving would be as much as 3 per cent of fund assets.his works as a circular process. Assume your after-tax pension is, say, $10,000 a year and your marginal tax rate is 31.5 per cent. In this situation, you could salary sacrifice $14,600 a year of your wage to super and still have the same take-home income as you had before you started the pension.