It’s getting harder to pocket a tax refund these days, so when the Government is offering one for your super contributions, it’s worthwhile knowing just how you much you are likely to get. And best of all with the Low Income Superannuation Tax Offset – or LISTO for short – the tax man and your super fund do all the ... Read more
Super for Beginners
This section will help you understand the fundamentals about superannuation, whether you are a complete beginner or need a refresher about how super works.
Learn about the key aspects about super basics in the following SuperGuide articles:
Set out below are all SuperGuide articles that relate to Super for Beginners.
Retirement age calculator: When can you access your super or the Age Pension?
Although there is no ‘retirement age’ in Australia, there are two ages that are important to know for planning your retirement: Preservation age: This is the age when you can access your super funds provided you have also met a condition of release (such as retiring or turning 65). Age Pension age: This is the age ... Read more
Understanding the dynamics on which your super fund invests
The way the super industry tends to invest your money can be compared to a team sport, which more often than not involves third parties to execute investment strategies on their behalf. While super funds do make direct investment choices on their own (such as shopping centres or other assets), most pick asset ... Read more
Quiz: Boosting your super with super contributions
Take the following 10 question quiz to test your knowledge on boosting your super with superannuation contributions. Don't worry if you don’t know the answer to a question. Have a go anyway and we’ll let you know the correct answer, as well as providing you with a link to a relevant article. Note: When you pick an ... Read more
Women and super: How to beat the odds
It’s no secret that women retire with less super on average than men, due to three strikes that hit women for six. Women earn less on average than men so receive lower compulsory employer contributions and they are more likely to take time out of the paid workforce to care for family. They also live longer than men, ... Read more
How super works: A beginners guide to superannuation
Simply put, superannuation (or super) is money you put in a super fund while you are working to provide income later in life when you retire. Given the average Australian can expect around 20 years of retirement, and the Age Pension is designed to provide only the most basic needs, the more you can save now the more ... Read more
Looking good? New beauty parade for super funds with ‘best in show’ proposal
‘Best in show’ might sound like something awarded to a pampered pooch, but instead it’s a new idea creating some pretty big waves in the superannuation system. A key recommendation in the final Productivity Commission report, the idea of employees being given a ‘best in show’ list for the top 10 performing super funds ... Read more
Super’s next shake up? Productivity Commission gets tough
Australia’s current super system is “harming millions of members” through underperforming funds, multiple accounts and excessive fees. That’s the damning assessment of the Productivity Commission (PC) in a new report containing a number of contentious recommendations, which – if implemented – will see the super ... Read more
Australian Financial Complaints Authority (AFCA) now handles complaints about super
Disputes about your superannuation and other finances are often stressful, but until recently, the complexity of the system has made the process even tougher. Working out which of the multiple external dispute resolution bodies was the right one to approach has long been a source of frustration for super fund members ... Read more
What makes superannuation super? 10 hidden perks you need to know
Besides being a great way to save for retirement, superannuation offers lots of little-known benefits for super fund members. Depending on the type of fund you belong to, and your employment status, there is a swag of benefits you may be receiving without even knowing it. SuperGuide has gathered together a list of 10 ... Read more
How does the First Home Super Saver (FHSS) Scheme work?
Saving a deposit to buy your first home is a tough task, and purchasing an affordable first home can be an even greater challenge. In response to this affordability issue, the federal government announced in the May 2017 Federal Budget, a new scheme to allow first homebuyers to use their super account to save some of ... Read more
What are the different types of financial advice available?
After the major shake-up of the super system in July 2017, Australians saving for their retirement, or now in retirement, face a revised set of rules when it comes to their super contributions and super pensions. Unfortunately, the new rules have not made things easier to understand and many of us still need financial ... Read more
What to do if you have a problem with your super fund or financial adviser
Knowing who to turn to when you need help resolving a problem with your super fund or financial adviser can be tricky. There are a number of organisations that can help, but they all have different areas of responsibility and can help you in different ways. To help you understand what assistance is ... Read more
What you can expect from the Financial Services Royal Commission
Announcing a government inquiry is always big news, but when the Australian Government declared it was establishing a royal commission into Australia’s banks, it really made a splash. Referring to it simply as a banking royal commission may be underestimating its potential to also investigate the superannuation sector, ... Read more
How to select a retirement income calculator
Anyone who’s ever spent a few minutes popping numbers into their super fund’s online retirement calculator to find out if their retirement savings are on track knows it’s a confusing process. Calculators ask lots of questions and produce some great charts, but they’re only as good as the information you put into them, ... Read more