Superannuation Consultancy
Super is a method of saving and investing money during your working life and gives you the opportunity to make a difference to your future. Super has long been a “vehicle” to assist people to retire and save enough money for doing the things they want to do. Unfortunately due to global economics, fund managers returns and high fees, this erodes away the lifestyle and in some cases prevents people from retiring when YOU want to. With the constant changes in legislation and the globalisation of the economic and investment world it is so important to have all super reviewed annually and in uncertain economic times bi-annually may be required.
Contact QSA today to ensure your Super is as “Super” as it should be? Whether you have personal Super, Industry super or a DIY Super fund QSA has the knowledge and experience to ensure your super is returning the optimum.
An SMSF is a specialised superannuation trust that can be established for up to four people for the sole purpose of providing retirement benefits to its members. In other words, it’s your own super fund.
An SMSF needs to have:
- A trust deed. This establishes what the fund can or can't do. An SMSF trust deed needs to be reviewed regularly to make sure that it is kept up-to-date.
- A trustee. All members of the fund have to be trustees. You can act as individual trustees i.e. in your name, or appoint a company as a trustee, in which case all members need to be directors. You will need professional advice as to which is suitable for you.
- An investment strategy. This sets out how the SMSF will invest and addresses risk, return, diversification, liquidity, cash flow, asset allocation and the ability to discharge existing and prospective liabilities. Again, this is an area where you should probably get professional advice from a trusted financial advisor.
Under the superannuation 'choice of fund' legislation, the majority of people can request their employer to pay contributions into their own SMSF.
The compulsory superannuation contribution that employers are liable to make on behalf of their employees is called the 'Superannuation Guarantee Levy'. This can be from 9% up to 15%. This depends on who your employer is, and what top up amount your employer will match to your own personal contributions. Employees are entitled to choose the superannuation fund to which they want their Superannuation Guarantee Levy paid. When an employee retires, the amount of the accumulated levy is paid either as a lump sum or a superannuation pension.
Late payments are subject to significant penalties and any arrears must be paid direct to the Australian Taxation Office. Detailed information can be obtained from the Superannuation for Employees section of the Australian Taxation Office website.
If you require any further information please contact QSA financial Services to discuss your situation personally with one of our Qualified consultants.
The Superannuation Co-contributions Scheme assists low to middle income earners increase retirement savings by making additional superannuation contributions. The government makes a contribution to a person’s superannuation account if certain conditions are met. If you earn less than $31,920 and pay $1000 cash to your Australian super fund before the last week of June 2010 than the federal government will deposit an extra $1,000 in your super account.
If you require any further information please contact QSA financial Services to discuss your situation personally with one of our Qualified consultants.