Superannuation Australia
Everything you need to know
about Superannuation Australia...
Superannuation Australia
Everything you need to know
about Superannuation Australia...
For Australians wishing to save for retirement Superannuation Australia is normally seen as the first port of call.
Since the Federal Government introduced compulsory payments to Superannuation Australia in the 1980s Australian's have seen this as their main source of income in retirement.
The Government promotes a "three column" approach. That is the Federal Government expects people to have three sources of income for their retirement. These are
1. Their own savings and investments
2. Their own Funds
3. The government or state pension
Mainly Australians have not saved enough into their current Superannuation Australia funds to allow the government to be happy that there will be enough to go around in future. Along with a lot of western government the Australia government is warming people up to the idea that they may have to work past the normal age of retirement, 65, to a later age, 70.
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Side Note. To learn how to take control of your own money in super I recommend
The step by step Manual for Australian Super
this manual outlines how to get hold of your money and then how to get it working for you.
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Cont'd
This has come about because of a number of factors, but the biggest two by far are the bubble of "Baby Boomers" who are moving through the 40 to 65-age bracket and starting to retire. And second, is the fact that people are living a lot longer than at any time in history.
These two facts taken together along with the economic factors and demands of today’s retirees have the governments of the day in a real panic.
Currently the Government has enforced a 9% levy on employers to pay to an Superannuation Australia fund. However a lot of research suggests that although this may be OK for a worker entering the work force now, who will work for 40 years, which is not what most youngsters do these days, this is far to little and far too late for most Australians.
Facts show that the average amount saved in Superannuation Australia is around $29,000 for a standard fund and $39,000 for a Government fund. The main exception to these statistics is the people who have set up there own DIY Funds, either a Self Managed Super fund or a Small APRA Fund. The average in these fund per person are around $230,000. Source APRA June report 2002. Click here to see for yourself who is winning
APRA Statistics.
Recently in a move said by many to be putting Dracula in charge of the blood bank the Federal Government gave over the job of overlooking all the Superannuation Australia Funds, except Small APRA Funds, to the Australian Tax Office. As of writing there have been no raids on Superannuation Australia by the Government - as was the Case in the UK recently when the Chancellor added a new tax that coughed up the UK government a few billion, but many say it is only a matter of time.
To help people who are looking to set up their own Superannuation funds I have listed here a number of other sites, pages and references to understanding all the different aspects of Super in Australia.
Other aspects that you will need to understand our who else you will need to help you. Look here for an explaination abouts CPSs of Australia
How to Choose a CPA for retirement planning
A List of resources for Australian Super Collectable CPA Australia Depriciation Finacial Advisor Imputation Credits Instalment Warrants Joint Venture with Super Super Annuation Super News Tax and Super Tax Write Offs Unit Trusts Unit Trusts in Australia Women and Super SuperWatch
Superannuation Australia Free Report
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