HELP CENTRE
Superannuation
Superannuation is a tax efficient way of creating wealth for your retirement. No matter how old you are, it's important to start planning for your retirement now - to ensure that you can afford the lifestyle you want when you retire.
Superannuation as an investment:
The important difference between superannuation and other forms of investment is that tax concessions are available. Superannuation investment earnings are taxed at a lower rate than on an equivalent investment in either shares or cash.
How superannuation works:
A superannuation fund accumulates small amounts, saved regularly by each of its members, into a large pool of money. The money is then invested in a broad range of investments such as shares, property, government bonds and cash deposits.
The government's objective with superannuation is to ensure that individuals save for their retirement; so it's important to pay attention to your superannuation and to ensure that your retirement money works for you.
On retirement, your superannuation payout can be paid to you either as a lump sum or as a monthly pension.
Superannuation is compulsory, so why speak to a financial advisor?
- The legislation that governs superannuation is very complex and changes regularly. A financial advisor can help you better understand your superannuation responsibilities.
- Speaking to a financial advisor about your superannuation might assist you in minimising your tax bill.
- A greater knowledge of the superannuation choices available to you now will help in maximising your choices in retirement.
Recent 'member's choice' superannuation changes gives employees the right to choose their own superannuation fund rather than their employer doing it for them. As with all investments, selecting the appropriate superannuation fund is not a decision to be rushed. It requires a great deal of due diligence and understanding. Take the time to determine what you are trying to achieve, educate yourself as to your choices, and seek the support of a licensed financial advisor. There are also a number of other tax concessions that you may be eligible for that you don't know about.
Clickhere to contact a financial advisor who can educate, guide, and support you through the process.
