Superannuation is a specially designed long term investment for your retirement savings.
Everybody who earns a wage or salary in Australia now has superannuation via the Superannuation Guarantee Act that requires employers to make a contribution representing 9.5% of your income to the relevant superannuation (provider) fund. The amount is calculated quarterly.
A superannuation provider pools small amounts saved regularly by its members into a large fund of money. This money is then put into a broad range of investments including shares, property, Government bonds and cash deposits. A superannuation provider generally:
- Accepts contributions from members and/or their employers
- Invests this money on behalf of members
- Pays benefits on the retirement, resignation or death of the member.
- Allows from 2006, splitting of contributions between partners.
- May accept contributions
For further information please contact us: