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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
| Vanguard Unveils New Tax-Exempt Investment Model for Young Australians Tue, 04 Nov: Vanguard has introduced a new investment concept known as 'MyInvestment,' designed to meet the specific needs of young Australian investors. Modelled after MySuper, this vehicle aims to provide flexibility by allowing investors to withdraw their funds after 24 months without restrictions. For those who might need to access their investment earlier, withdrawals would incur taxation at the marginal rate. - read more
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| Call for Urgent Reforms to Elevate Australian Retirement Outcomes Mon, 03 Nov: The latest study by the Strategic Management Council (SMC) stresses the urgent need for financial advice reforms to enhance retirement outcomes. According to their findings, retirees could potentially forego $6,500 annually without such changes. With over 2.8 million Australians poised to retire in the next decade, the annual retirement rate is set to double, alongside a significant increase in superannuation assets to nearly $1.5 trillion by age 65. - read more
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| Netwealth Seeks Government Intervention for $100m First Guardian Bailout Tue, 28 Oct: In a bid to alleviate financial strains stemming from the First Guardian Master Fund collapse, Netwealth has approached the Australian government for assistance. Utilizing a seldom-invoked provision of the Superannuation Industry (Supervision) Act known as Part 23, Netwealth Superannuation Services has requested financial support from Minister for Financial Services Daniel Mulino. - read more
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| Navigating the Complexity of Australian Superannuation Wed, 22 Oct: The Australian superannuation landscape is undergoing significant scrutiny, with evolving regulations and market uncertainties impacting retirement confidence. Market volatility and legislative changes, such as the proposed Division 296 tax on super balances over $3 million, have heightened anxieties. There is also an ongoing debate about the superannuation industry's heavy focus on accumulating wealth without adequately addressing how retirees should draw down their savings. - 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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