Superannuation

Insurance


FINANCIAL SERVICES
SUPERANNUATION

Superannuation services at RSM
Co-Managed IT services


FINANCIAL SERVICES

SUPERANNUATION

Insurance

Superannuation Financial Services at RSM Australia


What is superannuation?

Superannuation is a tax-advantaged program to help you accumulate wealth in your working years so you have money to live off when you retire.

Your superannuation money is held in a super fund. Generally, you can only access the money once you satisfy a condition of release.  Examples of conditions of release that are most regularly utilised are:

  • Retiring permanently from gainful employment upon having reached preservation age and;
  • Reaching age 65   

During your working life, money is deposited into your super account by your employer. Under current legislation, employers are required to contribute 9.5% of an employee’s salary. These contributions have a flat tax rate of 15% - which in most cases is less than an individual’s personal marginal tax rate.

Key Superannuation Contact



How can we help you?


Want to learn more? Watch our superannuation animation above.

Making contributions to your superannuation

If you are self-employed, you have the option to make contributions to superannuation yourself which can be tax deductable. You may also wish to make extra contributions to your superannuation (within permissible caps), which can yield significant rewards for you by the time you reach retirement age.

Extra contributions can be made:

  • with an additional employer contribution, called salary sacrifice (15% tax rate) and;
  • after you receive your pay, called voluntary or non-concessional contributions (not taxed)

You do not usually pay any tax on your super when you access it in retirement. In some circumstances tax may be applicable if you are a member of a defined benefit fund. Your super fund will be able to tell you if you are in this type of fund.

What super fund options are available?

There are many superannuation funds to choose from in Australia.

When you start a new job, your employer can create an account for you with their chosen super fund. Or, you can give them the account details for a super fund of your choice.

You may also set up a self-managed super fund (SMSF) instead. This is a private super fund that operates as a trust, with you as the trustee and member. You can also have other members join, such as family, and contributions are paid into the SMSF’s bank account.

Once you have money in your fund, it needs to be invested to help you generate a return. Each type of investment carries its own potential risks and rewards and the investment portfolio you select will impact how much money you end up with when you reach retirement.

Self-Managed Super Fund (SMSF) services at RSM

Are you looking for our self-managed super fund (SMSF) service page?

SMSFs are an appealing option for business owners and individuals who want to control their superannuation assets.

view the rsm smsf page here >>

How can RSM help with your superannuation?

Your super can be a major vehicle for wealth accumulation in your life.

But it’s important to understand where your super money is going so you can take specific measures to maximise your return. It’s also important to structure your investments according to the level of risk you are comfortable accepting. Super funds usually have various risk options you can choose from.

It’s important to realise different super funds charge different fees for the investment options, product features and benefits applicable to each fund. Remember this is your wealth, and therefore fundumental that the provider you are with has features and benefits that are tailored to your circumstances and objectives to ensure you are maximising value.

Other super strategies, such as consolidating various super accounts into a single account, can also present risks you may be unaware of such as losing valuable insurance cover. 

Our expert financial advisers can help you:

  • Choose a superfund that aligns with your personal goals.
  • Review your investment strategy.
  • Consolidate your super after evaluating potential risks.
  • Use extra contributions to maximise your wealth accumulation efforts.
  • Plan for retirement.
blue_business_analysis.jpg

No matter your age or life stage, your superannuation matters.

And with expert guidance at RSM, you’ll be surprised how the smallest changes can make the biggest difference to your life in retirement.

For an obligation free initial consultation about your superannuation portfolio, get in touch with a financial expert at your local RSM office today.

Read what our clients have to say about the RSM superannuation team...

Top five requests for SMSFs & superannuation

10 March 2022
In the lead-up to the 2022-23 Federal Budget, RSM’s National Director of Superannuation and SMSF services, Katie Timms, shares her wishlist for SMSFs and superannuation.

Mandatory Director ID – does this apply to my trades business?

8 March 2022
With the new obligation for directors of a company to hold a Director Identification Number, it is important to understand if it applies and how it works to ensure your trades business is compliant.

Superannuation Contributions and Separation

15 February 2022
Superannuation could be an important vehicle for couples who have been through a financial separation. Despite frequent changes to its governing rules, superannuation remains, for most people, a tax-effective environment in which to save for retirement.

What can a good adviser do for me?

7 December 2021
When I ask some people what my role as a financial adviser is, often the reply I receive is “you invest client’s funds in the share market”. In reality, this is only partly true.  

Preparing for Retirement? Here’s 10 Top Tips

2 December 2021
Looking forward to an enjoyable retirement? Here are our top 10 tips to make sure you’re on track.

Sequencing: A Risk You Need To Understand

30 November 2021
As financial advisers, we talk to our clients a lot about risk, one key risk for a long-term financial plan is sequencing risk. But what is sequencing risk? Let’s start with an example…

The financial effects of a “Grey Divorce”

22 November 2021
Divorce among people over 50’s (commonly referred to as a “Grey Divorce”) is on the rise in Australia. Currently, 27% of divorce applications are for couples who have been married for 20 years or longer.

What your adviser means by “investment styles”

1 November 2021
Just when you thought investing was easy to understand - you put your money into shares, property, fixed interest, cash, etc. – your adviser starts talking about “investment styles”! In essence, what that means is the methodology that managers use when choosing the underlying investments in their funds.

Super Choice Rule Changes 1 November

19 October 2021
From 1 November 2021, all new employees hired on or after this date that has not provided their own fund detail when commencing employment or has not selected the employer default superfund option within the super choice form will now require the employer to search the ATO for the employee stapled superannuation fund. 

Challenges Facing Retirees of the Future

13 October 2021
Most working Australians aspire to the idea that they’ll reach a point where they can retire debt-free and with enough money in superannuation and other investments – perhaps supplemented by the age pension – to provide them with a comfortable standard of living in retirement.

The gender pay gap. How is it affecting women in retirement?

5 August 2021
While the gender pay gap is beginning to narrow, there is no denying that this remains a significant issue in Australia.

Changes to Compulsory Super Guarantee Payments

10 June 2021
As part of Australia’s superannuation system, employers are currently providing superannuation guarantee of 9.5% under Superannuation Guarantee (Administration) Act 1992 (Cth).

Separation & superannuation

10 May 2021
How do you start to map your financial future when your relationship ends? What are the first steps you need to take?

The future of superannuation payments

5 May 2021
Many Australians have multiple superannuation funds, and with retirement usually a distant thought, the consequences of having more than one superannuation fund are rarely considered.

Financial planning during separation

21 April 2021
Financial planning is about developing strategies to help clients manage their financial affairs and meet their life goals. This is especially important for clients who are experiencing a marital breakdown as their financial situation and life goals can significantly change.  

Pages



This article has been prepared by RSM Financial Services Australia Pty Ltd ABN 22 009 176 354, AFS Licence No. 238282.

As everyone's circumstances are different and this article doesn't take into account your personal situation, it is important that you consider the above in light of your financial situation, needs and objectives, and seek financial advice before implementing a strategy.

View the Financial Services Privacy Statement and Policy and Financial Services Guide