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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
| Australian Government Targets Wealthy Super Accounts for Revenue Boost Thu, 19 Dec: Treasurer Jim Chalmers is refocusing fiscal strategies to scrutinize the tax concessions on high-value superannuation accounts. This strategic move aims to address the projected substantial cost of $55 billion to the Commonwealth this financial year. - read more
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| The Surprising Gap in Financial Advice Among Superannuation Members Wed, 18 Dec: A recent study has shed light on the perplexing trend of Australian superannuation members' reluctance to seek professional financial advice for their retirement planning. This aversion to expert guidance may have unexpected repercussions on their future savings decisions. - read more
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| Are You Overpaying for Default Super Fund Insurance? Mon, 16 Dec: Amid growing concerns, the Australian Prudential Regulation Authority (APRA) is under scrutiny regarding the way superannuation funds determine default settings for insurance premiums, specifically life and total and permanent disability (TPD) cover. This inquiry questions whether the current premium settings truly reflect the risks involved, or if members are being charged more than necessary. - read more
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| Colonial First State Extends Partnership with AIA Australia Mon, 16 Dec: In a strategic move designed to bolster member services, Colonial First State has renewed its contract with AIA Australia for an additional three years. This renewal ensures that approximately 200,000 members of the FirstChoice Employer Super, Essential Super, and FirstChoice Wholesale Personal funds will continue to receive comprehensive insurance coverage. - 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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