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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.
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Financial News & Information
| Super Fund Returns Start 2025 on a High Note Thu, 20 Feb: Australia's superannuation funds have begun 2025 with promising results, as reported by Chant West, a renowned superannuation research and ratings firm. In January, the median growth fund, which allocates 61% to 80% in growth assets, rose by 2.2%, following a robust 11.4% gain over the previous financial year. - read more
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| Super Funds Emphasize Preservation Amid Industry Challenges Wed, 19 Feb: At the recent Professional Planner Advice Policy Summit, leaders in the superannuation industry reinforced the importance of fund preservation as integral to Australia’s retirement system. The framework was initially established by the Keating government over thirty years ago and remains a model respected internationally. - read more
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| Shake-Up in Superannuation Governance: Risk of Insolvency Looms Tue, 18 Feb: Recent recommendations from the Senate Economics References Committee have set the stage for significant changes within Australia's superannuation sector, as outlined in their third interim report concerning the improvement of consumer experiences and outcomes. The committee has proposed banning superannuation funds from drawing capital from members to cover fines for misadministration and compensation payments. Instead, funds would need to rely on shareholder funding, a shift that may significantly affect the financial stability of profit-to-member funds. - read more
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| Watchdog Amplifies Scrutiny on Cbus Over Expenditure and Risk Management Mon, 17 Feb: The Australian Prudential Regulation Authority (APRA) has intensified its investigation into Cbus, one of the nation's largest industry super funds, following ongoing concerns about its risk management strategies and spending practices. - read more
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| Self-Managed Super Funds vs. Industry Funds: Which Is Right for You? Superannuation, often referred to as 'super', is a cornerstone of financial planning for retirement in Australia. It is a mandatory savings system designed to ensure that Australians accumulate sufficient funds to support themselves in retirement, reducing their reliance on government pensions. - read more
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| The Ultimate Guide to Understanding Superannuation: What Every Australian Should Know Superannuation, often referred to simply as 'super', is a critical component of the financial landscape in Australia. It is a system where money is placed in a fund during your working life to support you in retirement. The Australian government mandates super contributions to help ensure that citizens can look forward to a stable and comfortable retirement. - read more
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| Retirement Planning 101: Secure Your Future Now Retirement planning might seem like a daunting task, but it's a crucial step to securing your future. Many Australians find themselves wondering if they're doing enough to prepare for their retirement. Whether you're just starting your career, or nearing retirement age, taking the time to understand and plan for your future financial needs can make all the difference. - read more
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| Breaking Down Superannuation: How to Make It Work for You Superannuation, or 'super', is a form of long-term saving specifically aimed at helping Australians accumulate funds for retirement. It operates through a mandatory system where employers contribute a percentage of an employee's earnings into a superannuation fund. This system ensures individuals have a financial reserve to support them throughout their retirement years, lessening the reliance on government pensions. - read more
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