Superannuation
Superannuation, we all have it and your employer contributions started accumulating as soon as you entered the workforce. Superannuation is your future nest egg. It is the way to save money for retirement and there’s a range of options and investments available to maximize savings and minimize expenses, including the use of a self-managed superannuation fund (SMSF).
Seeking advice on your superannuation is a smart idea. It allows you to be informed about your current circumstances, future prospects and opportunities available. It also allows you to ‘get the facts’. Superannuation funds took a hit in the GFC and many individuals started to lose faith in their super funds. This is a good time to invest in your future and be confident in your super plans, by getting the right advice.
For example, did you know that a SMSF is not for everyone? There are positives and negatives and seeking professional superannuation advice, tailored to your needs and circumstances, will ensure you are choosing the best path to build your future wealth.
There are many benefits to superannuation. Contributions may be tax deductible or can attract a tax offset, investment earnings and capital gains can be taxed at a lower rate than an individual’s marginal tax rates (more in your pocket) and your super benefit can be paid as a tax-free pension or lump sum.
Some simple, super boosting strategies include:
- Before you retire increase the level of your contributions to your age based limits (concessional and personal deductible deductions) and it may even help reduce tax;
- Salary sacrifice allows you to maximise the growth in your super fund account balance and to minimize tax;
- There are benefits to converting assets to cash and then contributing those moneys to super or alternatively seek advice if assets can be transferred into superannuation as an in-specie contribution;
- Consolidate multiple superannuation accounts you may own to reduce fees.
Two Common Superannuation Mistakes
- Not paying attention and reviewing your superannuation account annually – maximise your income earning potential on superannuation investments and minimize tax and fees;
- Not planning properly – seeking professional advice will ensure you meet your retirement goals and avoid paying unnecessary taxes.
Self-Managed Superannuation Fund (SMSF)
As part of the retirement planning strategy, you have the option to establish and maintain your own self-managed superannuation funds (SMSF’s). We can assist you by providing the trustees and members of the fund with audited financial statements, income tax returns, statutory annual returns and other relevant documentation as well as ensuring that all requirements and regulations of the SIS are met.
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General Advice Warning: The information contained on this website is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs and where appropriate, seek professional advice from a financial adviser, accountant or finance broker.