Superannuation & Your Retirement

Your super is your future

Superannuation, can be complex, and it affects all Australians throughout our working lives and into retirement. It's important because it’s your future.

Superannuation is money set aside throughout your working life for when you retire and there are a number of different scenarios you might find yourself in:

• If you are employed, your employer will make contributions on your behalf (though depending on your tax situation you may wish to make personal contributions).
• If you are self-employed, it is up to you to make contributions to ensure you have enough money for your retirement.
• If you are an employer, there are certain obligations you must meet regarding paying contributions to your employees.
• If you want control over your superannuation investments and meet certain requirements, a Self-Managed Super Fund might be a good option for you.
• If you are retired or plan to retire soon, there are tax implications to consider when drawing income from your super or when making personal contributions.

For employees

For most, superannuation starts when you start your first job, and it accumulates over time. If you change jobs, it can be easy to find yourself with more than one superannuation account. It's important to keep track of your accounts to avoid paying unnecessary fees and maximise your savings. We can help you find and consolidate your accounts.

It’s a good idea to make additional contributions over and above that paid by employers, if you can. There are different ways you can contribute extra to your super, but there are also important tax implications to consider. We can help you get the most from your situation including associated tax benefits so that you can live better in retirement.

For employers

Employing people includes lots of obligations, including paying super. There are serious consequences for not complying with the relevant federal laws and obligations. We can help you to navigate your superannuation requirements, understand your obligations, and keep good records.

We are here to assist clients with Superannuation audits, Super Guarantee Charge (SGC) statements, and amnesty rules.

For Self Employed

You don't have to make contributions to a superannuation fund if you're self-employed. However, you may want to consider it as a way of saving for your retirement, after all, you don't want to work all your life! There are tax benefits and concessions available if you do choose to make super contributions. We can help you to get set up with a personal super account, work out the best way of making contributions, and work out how much.

What about Self-Managed Super Funds?

A self-managed super fund, or SMSF, puts you in the driver's seat of your superannuation. An SMSF is a type of trust account established purely to save for your retirement. You get to make all the investment decisions, but you are also responsible for complying with super and tax laws.

Is a SMSF right for you?

SMSFs give you extra control over your money, but they also require investment knowledge, skills and expertise. You will need to decide if a SMSF is right for you, and whether the additional risk, responsibility, and effort are going to be worth it.

For Retirees

When it comes time to start drawing on your superannuation, there are several options for accessing it. Whether you choose a lump sum or an income stream, each method has different tax implications. We can help you to figure out what works best for your circumstances.