NEWS – Do you feel in the dark about super tax changes?

NEWS – Do you feel in the dark about super tax changes?

NEWS – Do you feel in the dark about super tax changes?

Did you know, almost one-third of Australians surveyed by ASFA reported they had ‘no idea’ about the government’s proposed super tax changes to the taxation of superannuation. Do you also feel in the dark?

The Association of Superannuation Funds of Australia (ASFA) commissioned CoreData to conduct a survey of 1,000 Australians to gauge consumer attitudes towards superannuation.

While one-third of respondents said they had ‘no idea’ about impending changes to the taxation super, the number of people with multiple accounts has halved since ASFA’s 2013 survey.

Sixty-five per cent of respondents said they were happy with their superannuation fund, but 70 per cent of super members have not read the associated product disclosure statement and are either making decisions based on emotion or opting to use default funds, ASFA research has found….

The Australian Institute of Superannuation Trustees similarly noted a majority of Australians relied on default super funds in its submission to the Productivity Commission regarding proposed changes to default super arrangements.

Additionally, ASFA said that while more than half of Australians thought the superannuation system was a good way of managing retirement income, 50 per cent were unsure of how much super they’ll need for retirement.

A Mercer study released last week found that only 53 per cent of men and 41 per cent of women were on track to reach a super balance that could support a comfortable retirement, with millennials among those “not doing so well” with regard to super savings. Read MORE from Investor Daily.

What are your Thoughts? Comment below!

Want to learn more, know the options and what we need to retire on, the super system in Australia and what is self-managed super? To get the answers, see our FREE slides Super & SMSF for Business owners

Call for free education, or to speak to an advisor about your specific situation. SuperBenefit works with SMSF trustees to CONNECT them with the advisors they need.

A call is Free. No obligation. 0407 361 596, Paul


About SuperBenefitnews

Self-Managed Superannuation Service Providers in Australia. SuperBenefit will SET UP your SMSF and provide investment education for a better result. We take care of all your administration, accounting, ATO lodgement and audit of SMSFs, working with you and your advisors. If you want advice we can arrange one of our recommended advisors and accountants to meet with you, as we do not give advice, but take instruction only. Take control of your super, including property shares and other assets. Learn how to be your own advisor - make better decisions - by being mentored and coached to invest your own super wisely and strategically by qualified partners. Book to come to an event to find out more, or - Call us 0407 361 596, no obligation FREE strategy call.
This entry was posted in News & Stats, Pensions / Income Streams, Retirement Planning, SMSF Info, Superannuation General and tagged , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s