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Superannuation is a tax effective way to save for your retirement. Even if you are young and retirement seems a long way off, taking an active interest in your super now can generate big rewards down the track. If you want to make the most of your super, it helps to know some of the basics.
While AUSfund is a complying, regulated super fund, as an Eligible Rollover Fund (ERF) it differs from other super funds. The following information applies to regular super funds, but not necessarily to ERFs like AUSfund.
Super at a glance:
- If you are employed, earn at least $450 per month (before tax), and aged over 18, your employer is required to make regular superannuation contributions. This is called the Super Guarantee (SG).
- For the 2016/2017 financial year the SG contribution rate is the equivalent of 9.5% of your ordinary time earnings.
- In most cases your employer must send your superannuation contributions to a fund of your choice. If you do not nominate a fund, your employer must make contributions to a ‘default fund’ of its choice.
- Most people can make additional contributions to superannuation (subject to particular requirements).
- Superannuation is a long-term savings product designed to help you fund your retirement.
- Your super fund invests your money in your preferred investment option.
- The more you contribute to super, the more money you'll have in retirement.
- There are tax advantages to contributing to super.
- You generally cannot access your super until you reach what the Government calls your Preservation Age.
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