Super fund categories and what they mean

Super fund categories and what they mean

There are four different categories of super funds. These have different primary features and are more applicable to certain people than they are to others. Retail super funds Anyone can join retail funds. They are mostly run by banks and investment companies: Allow for a wide range of investment options. Financial advisors may recommend this…

What is an annuity

What is an annuity?

An annuity provides guaranteed income for a number of years, or for the rest of your life. It is also known as a lifetime or fixed-term pension. You can buy an annuity from a super fund or life insurance company. You are able to choose whether you want the payments to last for a fixed…

Super scams What to look out for

Super scams: What to look out for

The market for super funds is extremely competitive. Scammers take advantage of this by promising unrealistic benefits to acquire personal or account details. They are able to use this information to steal your identity or transfer your super to an account they can access. Scammers can approach you in various ways. You could receive a…

First home super saver scheme

First home super saver scheme

The first home super saver (FHSS) allows individuals to save up for their first home in their super fund. The money saved in the super fund is taxed concessionally and therefore, individuals are able to save faster. Individuals can make voluntary concessional (before-tax) or voluntary non-concessional (after-tax) contributions into their super fund. They can then…

Consolidating your super

Consolidating your super

Consolidating your super can save you time and money. Consolidating your super means that rather than having multiple different accounts, all your super is in one account. Why you should consolidate your super: Choosing to consolidate your super means that you will no longer be paying fees to multiple super funds. There is also less…

Choosing a super fund

Choosing a super fund

Choosing a super fund requires taking multiple things into consideration. Such as its performance, the fees you will be required to pay, details of the insurance, and different investment options that are available. Performance Performance is one of the most important things to consider when choosing a super fund. Take a look at how the…

Insuring your super

Insuring your super

Most super funds offer insurance as part of their super plan. It is important to be aware of what types of insurance you are covered by through your super fund to help you determine if you need extra cover outside your super and if you have adequate support in the event that you cannot work.…

Salary Sacrificing for your Super

Salary Sacrificing for your Super

One of the most effective ways to add to your super balance is through salary sacrifice. Salary sacrifice involves the employee agreeing to exchange a portion of their salary (before tax) for an increase in superannuation contribution by their employer. Contributions made through salary sacrifice are classified as employer contributions, not employee contributions. These are…

Splitting your SMSF assets during divorce

Splitting your SMSF assets during divorce

Running an SMSF under regular circumstances comes with enough compliance obligations as it is. Adding divorce or separation into the equation can raise even more legal and tax issues that need to be addressed. The breakdown of your relationship does not absolve you from your responsibilities as an SMSF trustee; you are still expected to…