Superannuation is one of the most important forms of wealth creation in Australia
. Most Australians have superannuation, however many of us still find it very confusing.
Why do you need it, and more importantly, will it be enough? Platform Services can
provide information and answers to many common superannuation questions.
Benefits of Superannuation
Most Australians have had superannuation since the 1980s when compulsory
employer contributions were introduced. But what is compulsory employer contribution,
and will it be enough for you in your retirement? The answer to this question for
many of us is NO, but fortunately there are many benefits to contributing extra
money to your superannuation yourself.
You can claim a tax deduction for contributions you make to complying super funds
on behalf of your employees under the age of 75.
You can only claim a tax deduction for contributions you make on behalf of employees
aged 75 and over if those contributions are required under:
- an industrial award
- a determination, or
- a notional agreement preserving state awards
You can claim a tax deduction for personal contributions you make to a complying
super fund if less than 10% of your total combined assessable income and reportable
fringe benefits for the income year comes from being an employee.
If you are self-employed, you can claim a tax deduction for personal super contributions
you make. To do this, you must:
- notify your super fund that you intend to claim a tax deduction for your personal
contributions, and
- receive written acknowledgment of this from you super fund
Superannuation also gives you many other options that you can take advantage of
to increase your retirement income:
- You can contribute on behalf of your spouse
- Salary sacrifice - making contributions from your before-tax pay
- You can also make extra super contributions
To discuss your superannuation options and find out how we can assist you, simply fill out
our online [enquiry form]
and
we will be in contact with you within one business day.
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