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Individuals, the October 31st tax return deadline is nearing, so if you haven't already, get in touch with your accountant to ensure you lodge on time. |
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Have you got a hold on your super? Consolidate your superannuation funds & avoid wasting your hard earned retirement money on unnessary admin fees. |
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Keep up to date on current tax rates and new ways to minimise your tax each year. Ensure you're making the most of the deductions made available to you. |
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Superannuation
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Superannuation, also known as Super is the term we use in Australia for the contributions that are made towards the benefits we receive when we retire.
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Superannuation, also known as Super is the term we use in Australia for the contributions that are made towards the benefits we receive when we retire.
Superannuation is compulsory in Australia where employers are responsible to make Superannuation contributions to their employees nominated super fund. For those who are eligible for Super, your employer is required to pay a minimum
contribution of 9% of your earnings quarterly.
To be eligible for Super you must be 18 years old, but not over 70 years of age and you need to have received at least $450 before tax in any calendar month.
Employees have the option to elect which super fund their employer pays their super guarantee payments into, however employers will generally have a default fund they use for employees that don't already have a preferred one.
Superannuation funds are managed by trustees and are governed by Australian law to follow strict guidelines and operate in compliance with these rules. The purpose of this is to ensure your super is property managed and funds whom operate
in such a manner are referred to as complying super funds.
Employers are required to make your contributions into either a complying super fund or a retirement saving account.
To access your superannuation for most working Australians, you must reach the age of 55 before being able to do so. This is known as Preserved benefits, which are benefits that cannot be touched until the person has reached preservation
age.
The only exception to this rule is when a person is in severe financial hardship or compassionate grounds where medical treatment not covered by Medicare is needed.
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