Superannuation is essentially a tax-effective method of saving for your retirement. For many of us, it is the largest asset we have, apart from our homes.

With a variety of contribution options, Superannuation is a complex area. It’s important to form a strategy to make the most of the tax concessions, financial incentives and rebates.

Super contribution options

• Employer – 9% super guarantee contributions

• Employee – salary sacrifice contributions
  Salary forfeited as contributions to super instead of taking as taxable income

• Employee – voluntary contributions (after tax)
  Could be eligible for government co-contribution payments if other conditions are met

• Self employed – deductible contributions
  Must derive at least 10% of total income from self employed, business activities

• Self employed or not working – after tax (non-deductible) contributions
  Could be eligible for government co-contribution payment if other conditions are met

• Spouse – spouse splitting or spouse contributions
  You can view the superannuation thresholds for 2013/2014 here. Also, a summary of the proposed changes for the superannuation system, announced on 5 April 2013, can be viewed here.

Strategy

By forming a strategy, you may take advantage of:

• Transition to Retirement (TTR) rules

• choice of superannuation

• Self Managed Superannuation Funds (SMSF)

• salary packaging (also known as salary sacrifice)

• retirement income streams

How can we help?

You can access a wealth of experience and knowledge in superannuation through an RBS Morgans adviser.

With a dedicated technical research team, and regular development opportunities, your adviser is kept up to date with legislation changes, the latest strategies, and ways to make the most of your superannuation.

Contact us

Be it consolidating your superannuation accounts, understanding how much you can contribute each financial year, discussing the merits of Self Managed Superannuation Funds (SMSF), or developing strategies to prepare you for your eventual retirement, our RBS Morgans Toowoomba advisers can assist you.

Contact us to find out more.