Making the most of your Super
With Australians living longer, you may end up spending more time in retirement than you will working – which is great so long as you have the income to sustain that lifestyle!
Taking charge of your super by setting up a self-managed super fund (SMSF) allows you control over the design and operation of your fund, as well as other benefits such as tax concessions the Government provides to encourage you along the way, which can save you valuable dollars, and advantages for Small Business. A self-managed super fund can be a great option to help build a strong nest egg for later in life.
It can be difficult to think that far ahead, especially as today brings enough financial challenges and obstacles as it is, but before you think SMSF’s sound like they belong in the “too hard basket,” and contributing extra money to your current superannuation fund would be easier, it is important to realise both options have rules and regulations to consider. Understanding the difference between “salary sacrificing” “personal contributions” and the rules around “contribution caps” can make a great difference to your savings, as well as other considerations like your possible eligibility for the Government’s Co-Contribution Scheme or the Spouse Contribution Rebate.
We can tell you in simple, easy to understand terms, what strategy is right for you and how much money you will save.