AAS recommend superannuation strategies tailored to your specific requirements and objectives to ensure you are paying minimal tax, creating maximum wealth and ensuring you take full advantage of the possibilities available for your family upon your death.
Do one of these strategies apply to you?:
- Are you are between 55 and 65 years of age, working and not on a Transition to Retirement Pension;
- Would you like to borrow money in your superannuation fund;
- Do you have excess savings and you are not salary sacrificing into your super fund;
- Are you between 60 and 65 years of age and have recently changed jobs, or are about to;
- Is your spouse older than you and aged 50 or greater;
- Does your superannuation fund allow a refund of contribution tax in the event of your death;
- Are you aged 51 to 55 and are not utilising a pre-retirement strategy; or
- Are you receiving an Account Based Pension and are over 60 years of age but younger than 75 and you are not drawing additional pension and re-contributing it back into your superannuation each year
If so, you need to talk to one of our superannuation specialist advisers to assist you with maximising your superannuation.
The advantages of Superannuation:
- Employers usually contribute at least 9% of your salary to your superannuation fund;
- Contributions and earnings are generally taxed at a lower rate in comparison to other forms of investments;
- You can make contributions on a regular basis;
- Access to your investment is restricted, therefore you cannot be tempted to spend it before your retirement;
- You may be eligible to receive a tax deduction for your superannuation contributions;
- Superannuation can move around from workplace to workplace.
- Contributions are taxed at 15%.
- Superannuation earnings are taxed at 15%.
- Superannuation earnings from superannuation pensions are exempt from tax - Superannuation Pensions include Account based Pensions, Transition to Retirement pensions, Market Linked pensions and Lifetime Complying Pensions.
- Life and Total and Permanent Disablement Insurance are tax deductible in superannuation.
- Government schemes and tax offsets provide contribution incentives.
- Superannuation is a superb vehicle for retirement funds.
The disadvantages of Superannuation:
- Limited ability to use equity within your superannuation for wealth creation i.e. gearing.
- All of the contributions to your fund will be compulsorily locked away, or preserved, until you are at least age 55 and retired.
- Superannuation is preserved until you satisfy a condition of release, which is generally no earlier than age 55 and no later than age 65.