Superannuation

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For many Australians, Superannuation will be the best and most tax efficient investment they make during their lifetime. Taking a few steps now to boost your super will make a huge difference to your lifestyle in the future.

Benefits of Super

Superannuation has been specifically designed by the Australian Government as its preferred way for you to save for your retirement.

There are many good reasons why you should grow your super as much as possible:

  • You might live to be 100 so your money needs to last as long as possible
  • The cost of living will increase
  • The age pension alone will not be enough for a comfortable lifestyle
  • The tax benefits
  • You might be eligible for bonus contributions from the government.

As it is intended as a retirement income stream, your super savings are preserved, meaning you cant access the money unless certain conditions of release are met (e.g. Retired from the work force). So before you throw all your money into super fund, you need to look at your finances as a whole.

Ways to Boost Your Super Balance

Most employees are with a super fund where their employer pays Superannuation Guarantee Contributions (SGC) with a percentage of their gross salary paid into their super account.

The current and future SGC rates are:

PeriodSGC Rate
1 July 2014 - 30 June 2021 9.5%
1 July 2021 - 30 June 2022 10%
1 July 2022 - 30 June 2023 10.50%
1 July 2023 - 30 June 2024 11%
1 July 2024 - 30 June 2025 11.50%
1 July 2025 and onwards 12%

You can do your bit to grow your super while you’re still working with a number of tax effective strategies:

  • Salary Sacrifice
  • Personal Deductible Contributions
  • After Tax Contributions
  • Government Co-Contributions*
  • Contribution Splitting
  • Spouse Contributions

*Conditions apply

Make Sure Your Super Fund is Right For You

When choosing if your current super fund is right for you or if your looking at consolidating multiple super funds, you need to consider what fund is right for you. Pick the right fund and you’ll be set for a long, happy and comfortable life when you retire. Choose the wrong fund and you could be in a world of pain.

There are a few things you need to know when choosing a super fund and we can help you, some of these things are:

  • Does your employer/s offer super choice
  • What to compare
  • What happens if I don't choose
  • The process of consolidating and or changing funds

Contact us today to make an appointment with an Adviser to discuss your superannuation.