Superannuation Fund

Generally, a Superannuation fund in Australia is a retirement fund. It has a compulsory element whereby employers are required by law to pay an additional amount based on a proportion of an employee’s salaried and wages (currently 9%) into a complying superannuation fund, which can be accessed when the employee meets the conditions of release of the fund.

It applies to all working Australians, except those earning less than $450 per month, or aged under 18 or over 70. Individuals can choose to make extra voluntary contributions to their superannuation and receive tax benefits for doing so. The Superannuation Industry Supervision (SIS) Act 1993 sets all the rules that complying Superannuation industry funds must obey. The rules cover general areas relating to the trustee, investments, management, fund accounts and administration, enquiries and complaints.

An Allocated Pension provides you with a flexible and tax effective way to generate regular income payments in retirement thereby giving protection of pension to you. It also becomes an insurance asset in old age.

A Superannuation Fund is a relatively risk-free and reliable way of securing finances for retirement. To learn more about Superannuation Fund options, just talk to one of our Accountants in Australia.

B B Whitehouse Group provides all types of services related to Superannuation Funds in Australia.