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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
| WA Police Leaders Consider Tax and Superannuation Changes to Tackle Retention Challenges Wed, 08 Oct: Western Australia's Police Minister, Reece Whitby, is advocating for federal tax and superannuation reforms as potential solutions to boost retention within the police force. This initiative comes amidst ongoing issues with keeping experienced officers from leaving the service. - read more
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| Cbus Resolves Lawsuit Over Payout Delays Tue, 07 Oct: In a significant development within the superannuation sector, Cbus and its administrator, MUFG Retirement Solutions, have reached a settlement concerning a lawsuit over delays in processing death benefits and life insurance claims. The resolution has led to a series of reforms aimed at enhancing claims handling and payment services for its members. - read more
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| Caution Urged for Super Fund Members Considering Investment Switches Fri, 03 Oct: One of Australia's leading superannuation fund providers has cautioned members against making hasty investment decisions during market volatility. HESTA noted an increase in investment switching in response to market fluctuations, specifically following the announcement of significant tariffs by US President Donald Trump in early April. - read more
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| Women Still Face Retirement Savings Challenges in Australia Wed, 01 Oct: Australian confidence in retirement savings is alarmingly low, as revealed by the latest data from AMP’s Retirement Confidence Pulse. A staggering 50 per cent of Australians feel insecure about their retirement prospects, with women's confidence particularly hard hit. AMP's survey indicates that only two in five women feel financially secure regarding retirement, compared to nearly three in five men. - read more
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| Maximise Your Superannuation: Strategies for a Comfortable Retirement Superannuation, commonly known as 'super,' is a crucial part of planning for a comfortable retirement. It serves as a long-term savings measure, gradually increasing in value to support you once you stop working. But what exactly is superannuation? - 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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