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This information was prepared by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life). A copy of the Product Disclosure Statement can be obtained by contacting Resolution Life. This general advice has been prepared without taking into account your particular financial needs, circumstances or objectives. You should consider the appropriateness of this information in light of your circumstances. This advice is based on our understanding of current law as at August 2021, and is based on its continuance unless stated otherwise. While every effort has been made to ensure the accuracy of the information, it is not guaranteed. Resolution Life do not actively monitor breach of superannuation contribution caps. You should keep track of the contributions made to your account in respect of the caps applicable to you. You should obtain professional advice before acting on the information contained in this communication. Taxation considerations are general and based on present taxation laws and may be subject to change. You should seek independent, professional tax advice before making any decision based on this information. Resolution Life is also not a registered tax (financial) adviser under the Tax Agent Services Act 2009 and you should seek tax advice from a registered tax agent or a registered tax (financial) adviser if you intend to rely on this information to satisfy the liabilities or obligations or claim entitlements that arise, or could arise, under a taxation law.
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How much do you know about superannuation? We break down how it works and why you need it.
Superannuation is how we save for our retirement in a tax-effective way. When we stop working (generally around the age of 65), our super will help provide income in retirement.
Your employer will pay a portion of your salary (11 per cent, from 1 July 2023) into your superannuation fund, which you’ll be able to access once you meet the minimum conditions of release (usually when you stop working).
Your super money is invested on your behalf by your superannuation fund. You can either choose your own superannuation fund or enrol in the fund that your employer offers.
One of the many benefits of superannuation in Australia is that the contributions paid into your account are generally only taxed at 15 per cent. You can also make additional contributions into your super (within the contribution cap limits). Keep in mind that once the contribution is made, you can’t access it until you meet a condition of release which include:
How much can I contribute to my super?
The government has put limits in place to ensure that everyone has a fair opportunity to contribute to their superannuation account. You can find current limits through the ATO.
Are there different kinds of superannuation funds?
There sure are! Fund types include:
Retail funds
Retail funds offer several different investment options so you can choose to invest your money exactly where you want it e.g. managed funds, property or shares on the ASX. You can also use the pre-determined “set and forget” option, where the fund chooses the investment strategy.
Retail funds generally offer a broad range of investment options and their range of fees and costs may vary.
Industry funds
These funds are associated with particular industries, but, in most cases, they’re open to public offer so anyone can join.
Some Industry funds offer more limited investment options than retail funds, and again fees may vary.
Corporate funds
These funds are generally linked directly to a particular company, making it easier for the employer to manage accounts and process contributions for their employees. A corporate fund also gives employers the opportunity to create discounted offers on insurance and administration charges for their employees.
Self-managed super funds
Also known as an SMSF, these are small funds with fewer than six members. The difference between an SMSF and other types of funds is that the members of an SMSF are usually also the trustees. This means the members of the SMSF run it for their benefit and are responsible for complying with the super and tax laws.
In most cases, you can choose the superannuation fund you’d like to invest in. If you’re not sure, chat to your employer, your existing super fund (if you have one) or a financial planner.