Superannuation is a long-term savings program for retirement introduced by the Government to provide income to individuals in their retirement, because we have an ageing population which means more will be non-working than are working, and Government pensions will not be possible in the future.
Mostly your employer contributes money (based on currently 9% of your current wage/salary).
In Australia, superannuation investments receive special tax concessions (a low 15%, and Capital Gains reductions) that aren’t available to other types of investments. This makes super a powerful vehicle to save for retirement.
Your super is likely to be one of your biggest assets in retirement, and the choices you make today can have significant impact on your lifestyle in your retirement.
Since the federal government introduced choice of superannuation fund legislation on 1 July 2005, you have even more options about where your super can be paid (for investing and tax concessions). It must be in a registered fund to obtain the special concessions.
One form of super – Self-Managed Super Fund (SMSF) may be suitable for some – is it you? Call for a FREE strategy session today and also get your FREE Expert Guide – Self-Managed Super and You – top right hand side above, or CLICK THIS.