Superannuation
Superannuation is a means of investing toward retirement.
Employers and employees can both contribute to superannuation in Australia ... and contributions are typically invested in the stock market, bonds, real estate, or other approved investment vehicles.
The money invested is subsequently paid to the member (or to the members' beneficiaries) on retirement, disability or death of the member either as a lump sum or as a pension or both.
Superannuation Guarantee
The Superannuation Guarantee came into effect in 1992, requiring an employer to contribute toward an employee's retirement through superannuation.
The Superannuation Guarantee (Administration) Act 1993 prescribed the employer contributions as a percentage of it's staff wages.
Employers are not required to contribute in some circumstances, e.g. for very low income earners, young workers not working full-time and workers over 70 years of age.
Employers may choose to contribute a higher amount than that prescribed as a means of employee incentive or reward or as part of a salary package.
There are some limitations on the tax deductibility of employer contributions for a given member and, therefore, professional advice should be sought before entering into these arrangements.
There are significant benefits in members saving toward their own future and Superannuation fund members may consider making contributions to superannuation in addition to employer contributions.
Individuals considering making personal superannuation contributions should seek professional advice.
Share this page:
Our Calculators
Please note that some of our calculators may use assumptions that are not necessarily applicable to your current specific circumstances and we therefore cannot always guarantee their accuracy. You should always seek professional financial advice from a licensed professional before proceeding with any financial recommendations.
Currency Converter [click]
Compare currency exchange rates for all major international currencies.
Financial Goals [click]
Plan for your future by setting financial goals with this handy calculator.
Net Worth Calculator [click]
Find out if you are where you should be financially
Retirement Calculator [click]
Find out whether your retirement savings are on track to meet your longer term needs
Financial News & Information
| Top Judges Warn of Legal Showdown Over Super Cap Thu, 09 May: In a formidable show of unity, the Chief Justices from Australia's Family and Federal Courts have issued an unprecedented caution to the Federal Treasury. With the government's controversial stance on the $3 million superannuation tax limit in their sights, Chief Justices Will Alstergren and Debra Mortimer have not only expressed dissent but also raised the specter of a Constitutional confrontation. - read more
|
| Funds Seek Closure on Super Splitting Rules Amid Family Law Update Mon, 06 May: In response to the ongoing government discourse about family law superannuation reforms, pension funds have called for early, private briefings. These institutions aim to navigate potential consequences of the proposed regulations targeting super splitting amid divorces, which may prompt changed behaviors among splitting couples. - read more
|
| Australasian Super Giants Bid Farewell to Coal Investments Mon, 06 May: In a pivotal turn towards sustainability, major superannuation firms in Australia are reshaping their investment strategies, forsaking thermal coal and aligning with global environmental goals. Proactive steps are taken to shield member funds from the adverse implications of climate risk. - read more
|
| Qantas Super Pioneers Green Farming with $200M Investment Fri, 03 May: Stepping firmly into the realm of sustainable agriculture, Qantas Super announces a groundbreaking $200 million partnership with GO.FARM, an Australian-owned agricultural firm dedicated to eco-conscious farming practices. This joint venture aspires to convert underutilized lands in southeastern Australia into thriving horticultural sites, focusing on the enrichment of the Riverina area in NSW, northern Victoria, and beyond. - read more
|
| Boost Your Retirement: Top Tips for Optimizing Your Superannuation Embarking on the journey towards a fulfilling retirement begins with understanding the cornerstone of your financial future—superannuation. An essential tool for Australians, superannuation is not just a safety net but a proactive strategy to ensure comfort and stability in your later years. Recognizing its centrality in retirement planning equips you with the insight to harness its full potential. - read more
|
| Self-Managed Super Fund: Is It the Right Choice for Your Retirement? Self-Managed Super Funds (SMSFs) have emerged as a significant force in the Australian retirement landscape, giving individuals a way to take direct control of their superannuation investments. As a self-directed approach to retirement savings, SMSFs allow for a personalized investment strategy tailored to specific financial goals and circumstances. - read more
|
| Building a Resilient Super Fund: Tips for Weathering Economic Challenges Ahead As the global economy continues to navigate through complex challenges in 2023, the need for thoughtful financial planning has never been greater. From unforeseen economic twists to persistent inflationary pressures, individuals are faced with an adaptive landscape that demands resilience and foresight, especially when it pertains to managing superannuation funds. - read more
|
| Why Australia's Compulsory Superannuation System is Failing Superannuation in Australia has been a topic of hot debate for decades, with many experts questioning the current system's effectiveness. In a recent consultation paper released by the Albanese government, the objective for superannuation was stated as 'to preserve savings and deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way'. - read more
|
Follow us!
Copyright 2001-2024 Clark Family Pty Ltd