By Need advice? Contact Macarthur Wealth Management for expert financial advice in Parramatta and Sydney wide on (02) 9683 2869. www.macarthurwealth.com.au
Superannuation is a tax advantaged way of saving for retirement and makes up two of the three “pillars” of the Government’s retirement income policy. The three pillars are:
- A Government funded means-tested age pension
- Compulsory superannuation contribution (i.e., the Superannuation Guarantee)
- Voluntary superannuation contributions
Superannuation is often simply referred to in everyday conversation as “super”. The Australian superannuation sector has grown to become one of the largest private pension funding arrangement in the world with assets exceeding $3.5 trillion as at the end of December 2021.
Superannuation consists of two distinct components:
- Are over 18 years of age, working on a full-time, part-time, or casual basis; or
- If under 18 years of age, you are employed for more than 30 hours per week.
Compulsory Superannuation
If you work in Australia, your employer may have to contribute to a superannuation fund for you under the Superannuation Guarantee system if you:
In certain limited situations, and industrial award or workplace agreement may impose additional superannuation obligations of an employer.
Superannuation payments are paid by your employer in addition to the salary or wages you receive. If you are eligible for superannuation, your employer will pay your superannuation directly into a superannuation fund.
Voluntary Superannuation
In addition to compulsory superannuation contributions, individuals may make their own personal and tax-deductible contributions and employers may make additional contributions for an employee, generally structured under a “salary sacrifice” arrangement. Salary sacrificed contributions are made from an employee’s pre-tax salary
Need advice? Contact Macarthur Wealth Management for expert financial advice in Parramatta and Sydney wide on (02) 9683 2869. www.macarthurwealth.com.au
General Advice Warning
The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs. Before making any decision, it is important for you to consider these matters and to seek appropriate legal, tax, and other professional advice.
Disclaimer
All statements made on this website are made in good faith and we believe they are accurate and reliable. Macarthur Wealth Management does not give any warranty as to the accuracy, reliability or completeness of information that is contained in this website, except in so far as any liability under statute cannot be excluded. Macarthur Wealth Management, its directors, employees and their representatives do not accept any liability for any error or omission on this website or for any resulting loss or damage suffered by the recipient or any other person. Unless otherwise specified, copyright of information provided on this website is owned by Macarthur Wealth Management. You may not alter or modify this information in any way, including the removal of this copyright notice.
Macarthur Wealth Management Links
Blog https://www.macarthurwealth.com.au/insights/
Facebook https://www.facebook.com/macarthurwealthmanagement
Youtube https://www.youtube.com/channel/UCHde08SRVuDPchprbz0CE_g
Twitter https://twitter.com/MacarthurWealth
Pinterest https://www.pinterest.com.au/MacarthurWealth/
Linkedin https://www.linkedin.com/company/macarthur-wealth-management
Instagram https://www.instagram.com/macarthur_wealth/
Retirement: https://www.macarthurwealth.com.au/account-based-pension/
Recent Comments