Super for Beginners

Superannuation for Beginners articles are a great starting point for anyone beginning their superannuation journey, or beginning their super education.

You can find the answers to questions that you may have been afraid to ask, or not known to ask. You can also ask your own questions, which helps us build the Beginners section of SuperGuide, and helps our many thousands of readers.

Below are some of our key Super for Beginners articles:

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This article is updated regularly when new financial advisers join the independence club. 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 adviser.

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For so many women, the needs of other people usually come first — children, partner, parents, friends and even workmates.

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The updated Top 10 must-know facts listed in this article are a handy guide for those seeking to understand how the super rules work, and the list also serves as a refresher for those readers who may be more familiar with the super rules.

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Question: I am 16 years of age. I still go to school but I have just started my first part-time job. Do I get any superannuation? And if I do, where does it go?

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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 superannuation and new to super’s terminology.

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Q: I checked my statement and I put an extra $10 per week into my super and each time an amount is put in, it has been taxed. Is this right? I thought that my contributions were tax-free?

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Q: I’m new to Australia and I have absolutely no idea where to start with my super in order to have the best outcome 40 years from now.

Set out below are all SuperGuide articles explaining Super for Beginners.

Financial advice: Only 65 independent financial advisers in Australia

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Note: This article is updated regularly when new financial advisers join the independence club (latest update July 2015). 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...]

Super for beginners, part 17: Four must-knows about super’s tax rules

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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...]

Super for beginners, part 24: Do I have to withdraw my super when I turn 65?

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Q: I retired, sold my large house, downgraded, invested spare money and one month after I invested, I lost $50,000 just like that. I would like to know whether I can keep my super going beyond age 65, maybe to age 67 to help recoup my losses on my outside investment? A: I’m very sorry to read … [Read more...]

Super for beginners, part 8: What happens to my super benefits when I retire?

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Q: I have a superannuation fund accumulating (although I am no longer making super contributions). I am 52 and I intend retiring at age 60. When I do retire can I withdraw the entire super fund as a lump sum and deposit it in to my bank account? What would the tax implications be for taking the … [Read more...]

Super for beginners, Part 9: If I retire and take my super, can I return to work?

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Q: I am 57 years old. Apparently you can get a lump sum of super before 60 if you have permanently retired. Can you still later look for work again? How do you prove you have permanently retired? A: The question that you ask is in the top 10 questions that we receive at SuperGuide. The term … [Read more...]

300,000 retired Australians to lose some or all Age Pension entitlements

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UPDATE: The changes to the Age Pension assets test have now passed both houses of parliament. The successful passage through parliament was due to the Greens supporting the changes. The ALP opposed the changes, which were announced by the Australian Liberal government in the May 2015 Federal Budget, … [Read more...]

Age Pension assets test changes: Comments from readers

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UPDATE: The changes to the Age Pension assets test have now passed both houses of parliament. The successful passage through parliament was due to the Greens supporting the changes. The ALP opposed the changes, which were announced by the Australian Liberal government in the May 2015 Federal Budget, … [Read more...]

Budget brief: will I lose my age pension?

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By Rafal Chomik, UNSW Australia Business School The Conversation’s Budget briefs series aims to answer reader questions about the 2015 federal budget. The 2015 budget confirms pre-budget announcements that the government is committed to reducing the cost of the age pension, but will now do so … [Read more...]

Seeking advice? Financial Advisers Register is a starting point

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On 31 March 2015, the Australian Securities & Investments Commission (ASIC) launched the first phase of the much-talked about Financial Advisers Register. The Register (FAS), contains information about 19,000 advisers. ASIC has also kindly updated its consumer information about how to choose a … [Read more...]

Super rich tax? Looting SMSF accounts to fix the budget

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Note: This article is in response to recent claims that superannuation tax concessions are directed towards the ‘super rich’. If you are concerned about being unfairly targeted by the current tax reform process, ensure you make a submission before Monday 1 June 2015. The relevant links to the tax … [Read more...]