Superannuation (or Super as it is more commonly known) is simply a structure that allows you to save and invest for your future retirement.
If you are a salaried employee, a compulsory contribution (9.5% your income) – known as the Superannuation Guarantee (SG) is most likely made by your employer into your super fund. Salaried professionals can often also choose to make an additional salary sacrifice contribution into their super. Salary sacrifice can be a tax-effective way to boost your super savings.
Sole business owners are not legally bound to set aside a super payment. This often results in the business itself becoming the business owner’s long term “retirement fund,” which in today’s market conditions may not be a reliable option.
There are a number of government incentives available within the superannuation environment that are aimed at encouraging Australians to save for retirement. We can work out whether you may be eligible to access these incentives and package a retirement and superannuation strategy that’s designed to help you build your retirement nest egg more quickly.
Self-Managed Super Funds (also known as SMSFs) can be an attractive option for business owners or retail investors. SMSFs allow greater flexibility and control however they also carry significant reporting and compliance obligations. As part of our service, we can provide you with information regarding SMSFs and help you determine whether one may, or may not, be right for you.