We offer professional superannuation planning and management services designed to assist individuals and businesses in developing comprehensive retirement plans. Our superannuation expert team will collaborate with you to tailor a superannuation scheme to your specific needs, based on your financial goals, risk tolerance, and anticipated retirement age. We are committed to staying up-to-date with evolving policies and regulations, ensuring that your superannuation plan remains compliant and optimized for your financial security. Contact us now to learn more about our superannuation planning and management services and prepare adequately for your financial future!

Superannuation and superannuation planning

  • Deed amendments

  • Establishment of self-managed superannuation funds including all registrations with Financial Planner

  • Preparation of financial statements

  • Reporting of member entitlements and ETP calculations

  • Superannuation guarantee contributions

  • Tax calculations & preparation of taxation returns

  • Annual accounting and taxation requirements

  • Assistance with borrowing provisions

  • SMSF Annual Audit by an approved SMSF Auditor

  • SMSF Tax Advice

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Wiselink Accountants is ready to fulfil your specific accounting and taxation needs.

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What is Superannuation?

Commonly known as “super,” is a system in Australia designed to help individuals save for retirement. Here are the key points about super in Australia:

  1. Mandatory Contributions: Employers are required by law to contribute a minimum percentage of an employee’s earnings into a superannuation fund. This is known as the Superannuation Guarantee (SG), and as of July 2023, the SG rate is 11%.
  2. Employee Contributions: Employees can also make voluntary contributions to their superannuation fund, which can provide tax benefits and boost their retirement savings.
  3. Types of Super Funds: There are various types of superannuation funds, including industry funds, retail funds, corporate funds, public sector funds, and self-managed super funds (SMSFs). Each has different features and benefits.
  4. Investment Options: Super funds offer a range of investment options, from conservative to aggressive, allowing members to choose how their money is invested based on their risk tolerance and retirement goals.
  5. Tax Benefits: Contributions to superannuation and the earnings on those contributions generally receive favorable tax treatment. Concessional (before-tax) contributions are taxed at 15%, which is typically lower than the marginal tax rate for most individuals.
  6. Preservation Age: Superannuation savings are preserved until the individual reaches a certain age, known as the preservation age, which is between 55 and 60 depending on the birth year. Access to superannuation funds is generally restricted until retirement, reaching the preservation age, or meeting specific conditions of release.
  7. Retirement Income: Upon reaching retirement, individuals can choose to take their superannuation benefits as a lump sum, as regular income through a pension or annuity, or a combination of both.
  8. Government Incentives: The Australian government provides various incentives to encourage superannuation savings, including co-contributions for low-income earners and tax offsets for spouse contributions.

Super is a crucial aspect of financial planning in Australia, aimed at ensuring individuals have sufficient funds to support themselves in retirement.

What is a good Superannuation Plan?

Choosing a good superannuation plan depends on individual circumstances, including your financial goals, risk tolerance, and investment preferences. Here are some factors to consider when selecting a superannuation plan:

  1. Performance: Look at the historical performance of the super fund. Compare the returns over different periods (1 year, 5 years, 10 years) to get a sense of how well the fund has performed. Consistent long-term performance is key.
  2. Fees: Fees can significantly impact your retirement savings over time. Compare the fees charged by different super funds, including administration fees, investment fees, and any other costs. Lower fees can help you retain more of your investment returns.
  3. Investment Options: Different super funds offer various investment options ranging from conservative to high-growth. Choose a fund that provides investment options aligned with your risk tolerance and retirement goals.
  4. Insurance: Many super funds offer insurance options, including life insurance, total and permanent disability (TPD) insurance, and income protection insurance. Evaluate the insurance coverage and costs provided by the super fund.
  5. Member Services: Consider the quality of member services, including customer support, online tools, educational resources, and access to financial advice. A fund with excellent member services can help you make informed decisions about your retirement savings.
  6. Ethical Investment: If ethical or sustainable investing is important to you, look for super funds that offer socially responsible investment options. These funds invest in companies that meet certain environmental, social, and governance (ESG) criteria.
  7. Fund Size and Reputation: Larger funds often benefit from economies of scale, which can result in lower fees and better investment performance. Additionally, consider the reputation and reliability of the fund, as well-established funds are more likely to provide stable and secure returns.
  8. Regulatory Compliance: Ensure the super fund is regulated by the Australian Prudential Regulation Authority (APRA) and complies with all relevant legislation and industry standards.

Some of the well-regarded super funds in Australia include:

  • AustralianSuper: Known for strong performance and a wide range of investment options.
  • Hostplus: Popular in the hospitality industry and known for competitive fees and good performance.
  • UniSuper: Offers excellent services and competitive fees, especially for university and research sector employees.
  • REST Super: A large industry super fund with competitive fees and solid performance.
  • HESTA: Known for its focus on the health and community services sector and good ethical investment options.

Before making a decision, it’s a good idea to compare multiple super funds using comparison websites or seeking advice from a financial advisor to ensure you choose the best superannuation plan for your needs.