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Superannuation

Superannuation is the system of retirement savings in Australia. Simply, the government would prefer for us to accumulate our own funds for retirement rather than paying Age Pensions, and they give us significant incentives to do so. The incentives are mainly in the form of lower tax rates within the Super structure.

There are three broad categories of Super Fund being Industry Funds, Retail or Public Offer Funds and Self Managed Super Funds.

Public Offer funds in many cases offer access to managed funds and equities within a super account. They also offer access to a broad range of funds managers and a long list of features and benefits.

Membership of Industry Funds is often limited to people within selected occupations. These funds are marketed as being very cheap, however competition is narrowing the gap over time. The bigger issue with Industry Funds is the lack of advice available to clients on Strategy issues.  You can do some investigation yourself using an independant research provider such as Chant West. http://www.chantwest.com.au/

From time to time a member of a Super fund may wish to move to another fund. This is referred to as a Rollover.

There are a number of Superannuation Strategies that are commonly used including Salary Sacrifice and more recently, Transition to Retirement. Less well known strategies include Recontributions and Maximising contributions under Concessional and Non-Concessional Contributions Caps.

Redundancy Planning - in this situation getting advice becomes important because there are important financial decisions to be made and often at a time when there are many emotional issues to be dealt with also.

Retirement Planning involves looking at the lifestyle you would like to enjoy when you retire and seeing whether it is possible to achieve that goal. Often strategies will need to be recommended to make retirement goals achieveable along with sensible budgeting and risk evaluation.

Should you have any further questions please click here to email us.

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