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Superannuation
Superannuation is a means of investing toward retirement.
Employers and employees can both contribute to superannuation in Australia ... and contributions are typically invested in the stock market, bonds, real estate, or other approved investment vehicles.
The money invested is subsequently paid to the member (or to the members' beneficiaries) on retirement, disability or death of the member either as a lump sum or as a pension or both.
Superannuation Guarantee
The Superannuation Guarantee came into effect in 1992, requiring an employer to contribute toward an employee's retirement through superannuation.
The Superannuation Guarantee (Administration) Act 1993 prescribed the employer contributions as a percentage of it's staff wages.
Employers are not required to contribute in some circumstances, e.g. for very low income earners, young workers not working full-time and workers over 70 years of age.
Employers may choose to contribute a higher amount than that prescribed as a means of employee incentive or reward or as part of a salary package.
There are some limitations on the tax deductibility of employer contributions for a given member and, therefore, professional advice should be sought before entering into these arrangements.
There are significant benefits in members saving toward their own future and Superannuation fund members may consider making contributions to superannuation in addition to employer contributions.
Individuals considering making personal superannuation contributions should seek professional advice.
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Financial News & Information
| ASIC Initiates Landmark Legal Action Against Super Trustee for Shield Fund Failures Thu, 28 Aug: The Australian Securities and Investments Commission (ASIC) has launched civil penalty proceedings in the Federal Court against Equity Trustees Superannuation Limited. The regulator alleges that the company neglected its due diligence obligations concerning the inclusion of the Shield Master Fund in its investment offerings, potentially compromising the retirement savings of thousands of Australians. - read more
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| Continued Delays in Div 296 Legislation Stir Sector Unease Wed, 27 Aug: The ongoing postponement of the Division 296 legislation is escalating frustration within Australia's finance and superannuation sectors. Treasurer Jim Chalmers has indicated no immediate plans to reintroduce the bill, asserting on the ABC Insiders program that the necessary calculations for the tax would not commence until mid-2026. He emphasised that there's ample time to reintroduce the legislation and assured that concessional tax advantages for retirees remain unchanged. - read more
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| Government Signals Possible Modifications to Controversial Superannuation Performance Test Tue, 26 Aug: The Australian government, led by Treasurer Jim Chalmers, has indicated a willingness to make adjustments to the annual superannuation performance test, amidst growing concerns from the industry and independent experts. This move is intended to address fears that the current test discourages funds from pursuing investments deemed in their members' best financial interests. - read more
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| Default Super Fees Challenge Australian Members Mon, 25 Aug: In Australia, approximately 60 per cent of superannuation fund members are enrolled in default MySuper options. While this might appear convenient, financial adviser Robert Rich from Unite Wealth rings an alarm bell about the often overlooked, damaging impact of elevated fees associated with these default options. - read more
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| Maximise Your Superannuation: Strategies for a Comfortable Retirement Superannuation, commonly known as 'super,' is a crucial part of planning for a comfortable retirement. It serves as a long-term savings measure, gradually increasing in value to support you once you stop working. But what exactly is superannuation? - read more
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| Self-Managed Super Funds vs. Industry Funds: Which Is Right for You? Superannuation, often referred to as 'super', is a cornerstone of financial planning for retirement in Australia. It is a mandatory savings system designed to ensure that Australians accumulate sufficient funds to support themselves in retirement, reducing their reliance on government pensions. - read more
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| The Ultimate Guide to Understanding Superannuation: What Every Australian Should Know Superannuation, often referred to simply as 'super', is a critical component of the financial landscape in Australia. It is a system where money is placed in a fund during your working life to support you in retirement. The Australian government mandates super contributions to help ensure that citizens can look forward to a stable and comfortable retirement. - read more
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| Retirement Planning 101: Secure Your Future Now Retirement planning might seem like a daunting task, but it's a crucial step to securing your future. Many Australians find themselves wondering if they're doing enough to prepare for their retirement. Whether you're just starting your career, or nearing retirement age, taking the time to understand and plan for your future financial needs can make all the difference. - read more
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