Superannuation continues to play a crucial role in a well-rounded retirement plan. Are you fully utilising your superannuation to supercharge your retirement plan? 

It remains one of the most tax effective vehicles to build and house assets for retirement. Unfortunately, Superannuation through the multitude of changes through its history has become increasingly complex. Only made more difficult to understand with the complex terminology that’s used to describe its different components. Given this complexity the benefits of the superannuation environment, such as favourable tax concessions, quite often go unused in the lead up to and throughout retirement.   

So, what are these favourable tax concessions? Well one of them is that taxation within Superannuation in Accumulation phase remains capped at 15%, which can be significantly lower than that of your personal marginal tax rate. However, whilst this might sound appealing, considering the use of Superannuation, the favourable tax concessions need to be juggled with the ability to access the benefits. In short, a great tax outcome is not a great retirement plan – i.e. if you have no access to money to live your life, what’s the point of saving on tax. There are a number of other tax concessions that are made available through Superannuation, but we’ll explain those in our upcoming Seminar and Webinar.

Now, let’s go over some of the complex terminology or financial jargon often used in the same sentence as Super. You may have come across when discussing Superannuation:

  • Total Superannuation Balance,
  • Transfer Balance Cap,
  • Concessional Contributions,
  • Salary Sacrifice,
  • Spouse Splitting,
  • Government Co-Contribution,
  • Spouse Tax Offset,
  • Non-concessional Contributions,
  • Preserved, to name a few. 

It’s no wonder the environment is underutilised for a retirement plan. So where do you start?

If you want to know specifically what it means for you, you can schedule an obligation free consultation with one of our financial advisers. Or alternatively you can join Chris Bradshaw’s free seminar and webinar.  

Alternately, we can assist you immediately with understanding what retirement truly looks like for you and to answer the question of how much is enough and the most tailored way for you to reach it. Simply fill in the form below and our Personal Wealth team will be in touch.

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