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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
| Impact of Superannuation Increase on Australians’ Retirement Savings Fri, 13 Jun: A significant enhancement to superannuation accounts awaits Australians as they gear up for a vital change. This development will have a considerable influence on retirement accounts, surpassing the expectations of many. Commencing July 1, alterations to the Superannuation Guarantee will obligate employers to elevate their contributions to 12 per cent of an employee’s ordinary time earnings, up from the existing 11.5 per cent. - read more
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| Mark Bouris Warns Young Australians on Super Tax Changes Thu, 12 Jun: Mark Bouris, the Executive Chairman of Yellow Brick Road Home Loans and a well-known figure in Australian finance, has raised concerns for young Australians amidst ongoing debates over recent superannuation tax changes proposed by the Labor government. He has stated that the proposed changes, which are set to be implemented in July, could put significant financial pressure on future generations. - read more
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| Australian Super Funds Predict Positive Year-End Returns Amid Global Volatility Wed, 11 Jun: Superannuation funds in Australia appear poised to conclude the financial year with positive returns despite the global economic uncertainties spurred by shifting US tariff policies. This optimistic forecast comes from the latest analysis by SuperRatings, a leading superannuation research and ratings organization. - read more
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| Impact of Australia's $3 Million Superannuation Tax Cap Tue, 10 Jun: The recent introduction of a $3 million superannuation tax cap by the Australian government has sparked diverse reactions within the financial sector, mainly highlighted through the differing approaches of the Financial Services Council (FSC) and the Association of Superannuation Funds of Australia (ASFA). The new regime aims to address retirement savings but has ignited a debate over its fairness and future implications. - 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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