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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 Funds at a Crossroads: Balancing Advice Expansion and Governance Challenges Thu, 03 Jul: The Australian superannuation sector is gearing up for substantial changes in its advisory services as regulatory expectations and the lessons from the Hayne royal commission loom large. As super funds aim to expand their advisory capabilities, they face potential pitfalls reminiscent of past missteps, notably conflicts of interest and inefficient fee structures. These challenges come as super funds are under pressure to enhance their advice delivery to curb member drift to retail platforms, which have recently seen significant inflows. - read more
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| ASIC Warns Against High-Pressure Super Fund Switches Thu, 03 Jul: The Australian Securities and Investments Commission (ASIC) has issued a new alert, urging consumers to safeguard their superannuation from aggressive sales tactics aimed at enticing them to switch into complex and high-risk funds. This alert comes as a protective measure by ASIC, designed to prevent the mismanagement of Australia’s lucrative superannuation pool, which is valued at trillions of dollars. - read more
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| Major Reform Brings Gains in Closing Gender Super Gap Mon, 30 Jun: The gender superannuation gap in Australia is expected to shrink by about 25%, thanks to new reforms making superannuation payable on Commonwealth Paid Parental Leave (PPL). Starting 1 July, these changes promise an average boost of approximately $15,000 to the retirement savings of over 200,000 Australian mothers annually, marking a significant step towards reducing the gender disparity. - read more
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| AFCA Revisits SMSF Investor Classification Thu, 26 Jun: The Australian Financial Complaints Authority (AFCA) is addressing ongoing confusion relating to the classification of self-managed super funds (SMSFs) as either retail or wholesale investors. Shail Singh of AFCA highlighted that this issue has been a focal point in various discussions, including their March member forum. The central question revolves around when an SMSF is eligible to lodge complaints with AFCA, which hinges on its classification under the prevailing laws. - 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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