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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
| Active Super Fined $10.5 Million for Misleading Green Claims Tue, 25 Mar: The Federal Court has imposed a substantial $10.5 million fine on Active Super for presenting misleading assertions regarding its environmental credentials. This significant legal outcome stems from actions initiated by the Australian Securities and Investments Commission (ASIC) against the super fund for allegedly misrepresenting its sustainable investment practices. - read more
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| Pre-Budget Survey Reveals Urgent Concerns Over Superannuation and Aged Care Mon, 24 Mar: As anticipation builds for the 2025-26 Federal Budget announcement, a recent survey by Viridian Advisory highlights a surge in client concerns regarding superannuation, aged care, and cost-of-living pressures. The findings reveal that 82% of advisers identified changes to superannuation, especially the upcoming updates to Division 296, as a principal interest for their clients. This legislation, introduced last year, imposes an additional tax on super balances exceeding $3 million. - read more
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| Superannuation Funds Advocate for Extended Breach Reporting Timeframe Mon, 24 Mar: Superannuation funds have approached the Australian Securities and Investments Commission (ASIC) with a proposition to extend the period for breach reporting from 30 days to 60 days. Through the Association of Superannuation Funds of Australia (ASFA), these funds have expressed support for ASIC’s suggested changes but argue that the proposed timelines are insufficient for effective rectification and remediation. - read more
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| Challenges Loom for Insurance Within Australian Superannuation Fri, 21 Mar: A recent report by Mercer has highlighted significant threats to the insurance coverage offered through superannuation funds in Australia. Current statistics reveal that only 50% of superannuation members are covered, a figure that has reduced considerably, reflecting a broader issue within the sector. - 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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