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Superannuation Advice
Wealth21 is well qualified to assist you with all aspects of advice relating to superannuation, including contributions, retirement income streams and Self Managed Super Funds (SMSF).
There are a number of super strategies that can be applied to assist in accumulating your retirement assets more effectively - including salary sacrifice, transition to retirement, re-contribution strategy and so on.
What is Superannuation?
Superannuation, or ‘super’, is a way to save money for your future. It is important to understand how much super you’ll need, and how to best manage the money for your retirement. Through super, you can hold a wide range of investments such as shares, property and cash. Superannuation is attractive because it receives favourable tax treatment, both when you are working and once you have retired.
The government offers these tax savings to encourage you to build your super assets. Employers must pay superannuation contributions on behalf of their employees, at a minimum of 9% of your income (these are concessional contributions under the Superannuation Guarantee). You can also choose to add personal contributions to superannuation – which may be treated as either non-concessional contributions or concessional contributions (if you qualify as self employed).
There are a number of aspects of superannuation which can be complicated and advice wil be assist you in making appropriate decisions, such as:
- Limits on superannuation contributions depending on your age;
- Tax deductibility of contributions;
- Whether salary sacrifice contributions to superannuation are suitable for you;
- The rules governing when you can withdraw your money; and
- The taxes on death benefits paid out of superannuation.
The contribution caps for 2011/2012 are as follows:
- Concessional contributions – $25,000, or $50,000 if you are over the age of 50 at 30 June 2012;
- Non-concessional contributions – $150,000 per annum, or $450,000 over a rolling three year period (only available if you are under age 65 at 1 July 2011).
