Personal and Employer Super Funds

Personal and Employer superannuation funds

Superannuation is best described as funds set aside while you are working to provide for yourself in retirement. For the majority of people, super begins when you start work and your employer starts paying super for you. These payments are commonly called concessional contributions.

Superannuation funds invest your money in a variety of assets such as shares, property and managed funds. Superannuation funds receive more favourable tax treatment than individuals and companies.

Most people are entitled to compulsory super contributions from their employer. These super contributions must be at least 9% of your ordinary earnings, up to the 'maximum contribution base'. Basically, the maximum contribution base is a cap on how much super your employer has to pay for you. You may also be entitled to choose the fund your super is paid into.

You can boost your super by making your own contributions and may be eligible for government co-contributions. You might also want to consider a salary sacrifice arrangement to grow your super and create tax efficiencies. The amount of tax on your contributions depends on whether they are concessional or non-concessional contributions (taxed or untaxed), and whether you exceed the contribution caps.

You are not limited to one superannuation fund and many people have several superannuation funds.

You can access your super when you reach 'preservation age' or turn 65. Your preservation age is determined by what year you were born in.

At Stevens Roberts we can provide a number of services to you that will help you maximise your superannuation benefit in retirement including:

  • Consolidating your funds. By rolling all of your superannuation into one fund we can create efficiencies saving you money;
  • Assessing your existing superannuation. We can advise you of the pros and cons of your existing fund and recommend a better alternative for your situation if one can be found;
  • Setting up a Self-Managed Superannuation Fund (SMSF). Giving you ultimate control over your superannuation. Read more about SMSFs.
  • Looking at Contribution Strategies and Transfer to Retirement Strategies (TTR) to create tax efficiencies within your superannuation fund.

To find out more, speak with one of experienced Financial Advisers on 08 8223 3774 or complete our online form here  
Alternatively you can send us an email