While it is true that with a few amendments here and there, Super has become a lot easier in terms of user-friendliness; you can still err if you do not choose your Super investments wisely. How about these stats: 1) 30% of Super fund members do not go through their annual statements; 2) Only about 20% members diligently choose where to park their Super money; 3) Only about 75% of funds offer the right value for money.
Category: Feature Archives
What You Need to Know about the Super System
Under the Superannuation Guarantee Laws, it is binding on your employer that he pays 9.5% of your salary/wages to your Super fund’s member account. It is a legal binding and pertains to any employee who is above the age of 18 and earns in excess of $450 monthly.
When is the Best Time to Set Up SMSF?
A self-managed superannuation fund (SMSF) is definitely quite desirable when you reach it from the perspective of flexibility and control. However, before boarding the SMSF bus, you must figure out whether it is a good deal for you or not. Yes, SMSF gives you full control over the pace at which you want to build your retirement savings but having said this, it also asks you to come out wearing the cloak of “extra responsibility”.
Rigidity of Binding Death Benefit Nomination Can Prove Costly
The way SMSF has made rapid inroads into our financial space, it is no surprise that many of us have invested heavily in this concessionally taxed environment. This places even graver responsibility upon us to ensure that our SMSF kitty makes it to our estate the way we would want it to in the event of our demise.
What Does the ATO Look For during SMSF Auditing?
This year, the Australian Taxation Office (ATO)’s spotlight will remain sharply on the Auditor Contravention Report (ACR). For reasons of ignorance or out of plain nefarious attitude, SMSF trustees often divert from the compliance norms of maintaining SMSFs.
How SuperStream Impacts Employer Contributions
There is no dearth of employees who have suffered due to faulty or late transfer of their superannuation contributions. With the number of such transactions being high, there is obviously a need for streamlined management. Australian Government has made an effort in this direction by launching its Super Reform package called SuperStream.
