Superannuation

Superannuation is a long-term savings vehicle designed to provide you with income during retirement.

Super has many tax advantages and is the money you save during your working life.

In Australia, retirement income is funded through a mix of personal savings, a government pension and superannuation (super). The Government has a reduced tax system that encourages Australians to at least partly fund their retirement incomes and so reduce the future tax burden on working taxpayers.

Super is made up of employer contributions, your own personal contributions and sometimes additional Government contributions. Money deposited into your super fund is invested by the fund’s trustee, who aims to grow your account balance while you are still working.

The complexity of the superannuation industry often undermines people’s confidence in Australia’s most efficient retirement savings strategies.

General advice warning – This website contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.

There are a few key things to consider when choosing a super fund:

  • Fees: are the fees charged easy to identify and understand.
  • Investment options: do the investment options available suit your needs and level of comfort with risk. Set and forget is not a recommended strategy.
  • Contributions: does the fund allow your employer to pay more than the 9.5% SGC and can your salary sacrifice and make further contributions yourself.
  • Performance: how does the fund stack up against its peers. Don’t be tempted to look at last year’s best performer instead consider consistent 3,5- and 10-year performance.
  • Insurance: see what cover is available, what it will cost and is it transferable.

The need for Superannuation advice is now greater than ever.

Talk to Coral Horizon Financial planning to get the right advise on what to do with all aspects of your superannuation