Note: This article is updated regularly when new financial advisers join the independence club (latest update June 2013). A financial adviser does not have to be a member of the IFAAA to join the SuperGuide list, provided they can declare that they satisfy the requirements of being an independent … [Read more...]
Four years ago, in January 2009, we launched the SuperGuide website, and since that time we have received thousands of questions, from our millions of visitors, on different aspects of superannuation. We try to represent as many questions as possible in the articles we publish, while also ensuring … [Read more...]
Note: The Q&As listed in this article have been revamped and updated for the 2012/2013 year. One of SuperGuide’s more popular initiatives has been the development of a ‘Super for Beginners’ section that answers some of the many questions that we receive from those readers who are new to … [Read more...]
Q: I retired, sold my large house, downgraded, invested spare money into my super believing I would be making $25,000 per year until age 65. One month after I invested, I lost $50,000 just like that. I would like to know what the chances are, of the government increasing the cut off for this Super … [Read more...]
Note: This Super for Beginners article is more complex than other articles in the beginner series but the topic is very important. If you work variable hours over a week, a month or a year, or you are paid per task done, or kilometres driven, then I encourage you to continue reading. Q: How can I … [Read more...]
Many Australians find the stodgy language of superannuation confusing. The terminology associated with superannuation is a barrier to self-education and may deter some Australians from taking early steps to plan for retirement. Millions of Australians care about their super account even though they … [Read more...]
Q. How do I find out where my super contributions end up? What I mean is, how do I find out the name of my super fund? Your question is a popular one in Australia, even though super fund members receive member statements from their super funds every year. Know the name of your super fund If … [Read more...]
Q: The investment return on my super fund account doesn’t seem to compare with the investment returns that I read about in the newspapers. Are the newspapers wrong, or am I in a rubbish super fund? A: Every month or two (or more recently, every week it seems) the media reports the … [Read more...]
Q: My employer has suddenly ceased trading and despite appearing on weekly payslips, I and fellow employees find no super contributions have been made, in my case for over 12 months. What, if any recourse, do we have? If your employer has not paid your super entitlements into your super fund, … [Read more...]
Q: What steps can I take to ensure my employer contributes all I’m owed to my super fund? I have been asking my employer for the last 3-4 months about putting my super contributions into my super fund, as they have not done so since I started working there about 1.5 years ago. I only realised that … [Read more...]
Q: I am trying to understand how my super is taxed and it seems that it is taxed at every turn. Can you please explain when, and how, a super benefit is taxed? A: If it were not for tax, superannuation wouldn’t exist. You would simply invest in your own name. Superannuation is taxed at lower … [Read more...]
Q: I am confused. When I retire and I am over 60 I receive tax-free super benefits. Someone has told me that I also get other tax-free stuff. Can you tell me what that is? In terms of retirement and superannuation, when you reach 60 and start a retirement income stream (super pension) you get two … [Read more...]
Superannuation only exists because of how super savings are taxed. Superannuation savings receive tax incentives to encourage Australians to choose super as a retirement savings option. Even so, superannuation is still taxed (for most Australians) at a lower rate of tax than non-superannuation … [Read more...]
Here’s a tip that can potentially save you thousands of dollars. Check that your super fund has your tax file number. If you joined a super fund before July 2007, or started your current job before July 2007, then your fund may not have your TFN. Effective since 1 July 2007, when you give your … [Read more...]
Q: I know that industry super funds generally have a good performance – particularly because of low fees, but I wondered, what is the benefit of picking one for your particular industry? I understand how people in some industries may have similar needs but is that really true these days in terms … [Read more...]
