In Australia, employer contributions to your superannuation are compulsory and are currently set at a level of 9% of what you earn. Superannuation is one of the main contributors to a person saving for their retirement. You can make extra contributions to your superannuation to add to the contributions made by your employer. Many of the industry superannuation funds that operate in Australia use the funds that are deposited with them to invest in shares, property, government bonds or other investments.
Depending on your individual circumstances, you may wish to set up a Self Managed Superannuation Fund, commonly referred to as a SMSF. SMSF’s are strictly regulated by the ATO and the management of a SMSF must be done in accordance with the superannuation legislation and regulations. You can receive significant penalties from the ATO where your SMSF has not been managed in accordance with superannuation law.
Some of the main benefits of managing your own super fund (SMSF) can include:
- Investment choice;
- Tax control;
- Estate Planning;
- Borrowing ability;
- Cost;
- Pension Planning; and
- Asset Protection.
Before making any significant decisions in relation to your superannuation, or how you wish to manage your superannuation, it is important that you seek superannuation legal advice from tax legal professionals who understand the superannuation laws and how they will apply to your situation.
Our team of Sydney superannuation lawyers can assist you in understanding the Superannuation legislation and regulations, guide you in establishing a Self Managed Superannuation Fund or advise you on the different legal issues surrounding superannuation law. If you would like to speak with one of our superannuation lawyers or tax lawyers, you can contact our firm on (02) 9233 4048 or send an email to info@navado.com.au and arrange an appointment.
This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any Legal Advice. It does not take into account your objectives, your instructions or all of the relevant facts and/or circumstances. Navado accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.
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If you require assistance with a Tax matter, you should make an appointment to see one of our Lawyers in one of the following locations:
- Sydney
