There is a maximum amount that can be lodged into a Foundation Account over a 12 month period. This amount is equivalent to the national minimum hourly rate of pay (as declared from time to time in accordance with section 11 of the National Minimum Wage Act 2000 (No. 5 of 2000) multiplied by 2,080 (i.e. 40 hour week x 52 weeks of the year).
For example, based on the current national minimum hourly rate of pay of $9.15, the maximum amount that can be lodged to the Foundation Account over a 12 month period is $19,032 (i.e $9.15 x 40 hours per week x 52 weeks per year).
If money is lodged to your Foundation Account that is in excess of the lodgement limit we may change your account to a Standard Account.