Superannuation in Australia

Don?t grow old without it!

Superannuation is not the most exciting topic … or is it?

SHOW ME THE MONEY!! Super is not just a boring document or money you pay out begrudgingly on a regular basis. It’s literally the difference between living a hand-to-mouth existence and enjoying a vibrant lifestyle in your retirement. So what’s it going to be for you? Scrounging to afford what you need? Or waking up to the potential for enjoyment and fulfilment, every single day?

It?s simple, really

Fundamentally, superannuation is an investment designed to provide money for your retirement. Most people start superannuation when they start work because their employer has to pay contributions. (If you are self-employed you can choose whether or not to have superannuation.) But you can choose to top up the funds out of your own pocket. And therein lies the difference between existing, and living.

Your superannuation can grow to be a significant asset over your working life. You benefit from saving regularly over many years, your superannuation fund makes the savings work for you by investing them, and your money is generally taxed more lightly than other forms of investment. Your superannuation fund may also offer life insurance cover and disability insurance.

Hey, you could be earning SO MUCH MORE from your superannuation! A simple consultation will let you know what you might be missing out on!

INVEST JUST AN HOUR OF YOUR TIME TO DISCOVER A GRANDER LIFESTYLE WAITING FOR YOU IN YOUR RETIREMENT!!

• Be able to afford your bills and not have to juggle them
• Enjoy real holidays, don,t just plan for a retirement sitting around at home
• Treat yourself as and when you like
• Help out your children and grandchildren without sacrificing what you want or need
• Enjoy access to top notch medical services without having to skimp on cost
• Sleep easily knowing you set up your super properly in earlier years

So where does all this money come from?

Employer Contributions to Superannuation

Your employer will pay superannuation contributions on your behalf unless you are exempt or you are self-employed. This contribution is called the Superannuation Guarantee. It is compulsory for most employees.

If you are eligible for the Superannuation Guarantee, your employer’s compulsory contributions must be equivalent to at least 9% of your earnings. For example, if you earn $40,000 a year, your employer must pay at least $3,600 a year – or $300 a month – into your superannuation. Some employers may contribute more to your superannuation, but this depends on the terms of your employment.

Topping up with your own money = paying less tax

You can also add your own money to your employer’s contributions. You may be able to do this through what is called salary sacrificing. This means that you choose to take a lower salary and have your employer contribute the amount you don’t take to your superannuation. The portion of your salary that you sacrifice is deducted from your gross salary, (i.e. before you pay tax), and this is where you may be able to save tax. This tax saving comes about because, for most people, the tax saved on the forgone salary exceeds the tax that is paid when the equivalent amount is contributed to superannuation.

Personal Contributions

You can also choose to make personal contributions to your superannuation from your net income (your income after tax has been deducted). If you do, you may be eligible for the Government Co contribution which the Australian Taxation Office calculates and pays, based on your tax return and information received from your superannuation fund.

Are you self-employed?

If you are self-employed, you can have superannuation and you may be entitled to a tax deduction for your contributions.

It is also possible to contribute to your spouse or partner’s superannuation and you may be able to claim a tax offset if they earn nothing or have a low income.

Because of the generous tax benefits of superannuation there are limits to how much you can contribute each year; you’re only allowed so much of good thing! So, you should call us before you make contributions so we can assist you with the best ways to do so.

We can help you understand it all

As a CERTIFIED FINANCIAL PLANNERTM (CFP) we can help with advice on:

- Superannuation

-Self Managed Superannuation Funds (SMSF)

-Superannuation Funds

-Superannuation Calculators

We provide advice on a fixed price fee-for-service basis.

Don’t pay more in super fees than you have too!

Contact us and we can compare your super fund to the multi award winning super funds we recommend for our clients who pay no commission.

Shouldn?t you be looking forward to a truly golden retirement? Call us today on 1300 992 889.

Conatct us now to see if we can save you money on your super fund