Superannuation is an often complex area with legislation changes occurring on an ongoing basis. At Signate Private Wealth, we can give you certainty, clarity and confidence by assisting you with innovative strategies to build your wealth whilst taking advantage of effective tax concessions that suit your personal situation.
Super is a tax effective environment for your money, the account is held in your name, and both you and your employer can deposit money into your account. Your money will attract investment earnings, and when you reach your ‘preservation age’, you are able to start drawing on these funds.
Your employer must pay 9.5% of your salary into a super fund. This is called the Super Guarantee and it’s the law. Why is superannuation important?
“Many of us will spend more than a quarter of our life retired, as people are now living until an average age of 86 years (if you’re male) and 89 years (if you’re female). Life expectancy is expected to rise to 91 for males and 93 for females by 2050.
So, you might need a lot more money for your retirement than you think. Unless you’re counting on a lotto win or growing your own personal money tree, super can help you enjoy your retired days by allowing you to maintain a good standard of living, which isn’t achievable by receiving just the Age Pension.”
Association of Superannuation Funds Australia (ASFA)
How does superannuation work?
Superannuation is treated differently to most other savings. For most people, super will be taxed at a lower rate than a similar investment outside super. If you’re self-employed, you may be able to claim a tax deduction for personal contributions you make to super.
What your employer does
If you’re entitled to receive super, your employer must pay 9.5% of your salary into a super fund at least every 3 months. This is called the Super Guarantee and it’s the law.
Your superannuation strategies must always be reviewed in conjunction with your overall wealth management objectives and planning. The rules can be complex, and penalties can be harsh. In addition, legislation is often changing, and funds are preserved until you retire. So, understanding the disadvantages of any particular strategy is as important as the advantages.
However, the significant advantages of a properly constructed superannuation strategy can be compelling. We strongly suggest you consult our experienced, professional advisers for personal advice in regard to these matters.
The team at Signate Private Wealth can help you:
- Consolidate your super funds to make it easy to manage
- Identify investment options tailored to your goals and risk profile
- Review your concessional and non-concessional contributions to super
- Identify strategies to help boost your superannuation
- Enjoy the benefits of salary sacrifice
- Understand your insurance options within superannuation
- Determine if you have the correct beneficiary nominations in place
- Determine whether a self-managed super fund (SMSF) is right for you
For more information please contact our office by calling 07 55 809 489.