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Tel: (03) 9663 0555

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Get to know your super – it’s your money!

August 4, 2017

Ever wondered what superannuation is all about? Get to know your super and your future self may well thank you.

Superannuation (or super) is a compulsory scheme that helps Australian workers save to provide income for themselves in retirement.

 

 

 

Are you entitled to super?

If you earn more than $450 before tax per month, your employer must contribute 9.5% of your salary to a super fund on your behalf. This is known as the Superannuation Guarantee (SG).

 

Tax advantages

Super is considered one of the most tax-effective ways to save for retirement. Generally, employer contributions and any amounts you elect to sacrifice to super from your pre-tax salary (salary sacrifice) and any returns are taxed at 15%, rather than your usual tax rate.

If you make personal contributions to super using after-tax money, no tax is applied to those contributions. While investment earnings made within super attract 15% tax.

 

Keep all your super together

It’s important to keep all your super in one account and know where it is. This is the easiest way to avoid extra fees and costs, as well as extra paperwork. You also eliminate the risk of losing track of accounts.

 

Know your account balance

Watch your super grow and ensure your employer is making regular contributions. Most super funds have online account access, just like accessing your internet banking.

 

Check how your super is invested

Super funds offer a range of investment options and you have the freedom to choose the option best suited to your needs. If you don’t make a choice, your money will be invested in a MySuper generic option. Either way, your retirement savings will be managed by professional investment managers.