Services

Superannuation and
Self Managed Super Funds

Making sound investments for retirement can be complicated, but it’s worth understanding your options. We specialises in helping our clients achieve their financial goals – ensuring you have enough money for life after work. We’ll help you with personalised, one-on-one service from people you can trust, who understand how important your retirement needs are. The devil is in the details, so let’s go deep with Carrazzo Consulting.

For more information about what we can do for you, contact us today for an obligation-free consultation.

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Carrazzo Consulting

Our Superannuation Services

We’re here to help

How Can Carrazzo Assist You
With Your Superannuation?

Carrazzo Consulting is here to help you set up your retirement. With experts across the board in all types of securities, we’ll make sure that when retirement time comes, you’ll be prepared for it through comprehensive financial planning and expertise in superannuation investments.

We Do Things Differently

Why The Best Work With Carrazzo Consulting

We make difficult concepts easy for our clients to understand.

We have the experience and knowledge to provide you with the best solutions.

We listen to our clients needs and treat you as unique individuals.

We are invested in our clients and care greatly about your financial well-being.

We help reduce our clients exposure to tax during their lives – and for future generations.

We are strong leaders and tough players so you win.

Superannuation and Self Managed Super Funds

What you need to know

How can a Financial Adviser help you?

With all that’s happening in financial markets at the moment, it’s only natural to be looking for help to make sense of it all. Like all of us, you want to know what the changing markets mean for you, your family, your savings and your future. That’s why it’s a good idea to speak to a qualified Matrium Financial Services (http://www.matriumfs.com.au) adviser, a firm we work closely with to assist our clients' needs in this area.

A financial adviser can help you assess your current financial position and work out whether you’re in good shape to meet you personal and financial goals. Knowing what your goals put you in a better position to make choices that are right for you. It also helps your financial adviser develop or update your plan so it is tailored to your needs. The sort of things you should think about are your goals for:

  • Building savings and investments,
  • Protecting your family and lifestyle,
  • Planning for changes in your life like the birth of a child,
  • Saving for your retirement

A financial plan based on your goals and priorities puts you in control of your financial future and helps you create a secure and comfortable future. Matrium can also help you understand what to expect from your first meeting and give you tips on how to prepare so you are comfortable and confident with the planning process.

Can I choose my super fund?

The short answer is yes. Since 1 July 2005, employees, with some exceptions, have been able to choose the super fund their contributions are paid to. The good thing about this is it puts you in control of what could be your biggest source of retirement savings.

For help in making decisions about super talk to our financial advisers. We can help you identify your goals and recommend the super strategies best suited to your individual situation.

Is compulsory super enough to meet my needs?

Most Australian employers are required to contribute at least 9% of your salary to super; this is known as compulsory super. Even though compulsory super is intended to help fund your retirement, it may not provide you with enough money in retirement for the lifestyle that you want.

Before you decide that you can solely rely on compulsory super contributions, speak to our Matrium financial advisers.

How much super is enough?

The amount of super you’ll need will depend on your individual circumstances, such as your current age, current income, desired retirement age, desired retirement income and current super balance.

It’s a good idea to speak to our financial advisers, as they can help you with tips and strategies to make the most out of your super and save more for your retirement.

When can I access my super?

Generally, you can only access your super savings when you reach preservation age. This is to ensure your super savings are used for when you reach retirement.

Your ‘preservation age’ determines when you can access your money, even if you have not retired. It is based on your date of birth and ranges between 55 and 60.

Can I withdraw the money that I have in super?

Usually, you are restricted from accessing your super money until you reach your preservation age. Your preservation age is based on your date of birth and ranges between 55 and 60. In very specific circumstances you may be able to access your super funds on compassionate grounds, however, these situations are limited. For more information talk to our financial adviser’s or go to the APRA website.

What types of Super Funds are there?

There are several different types of superannuation funds. The mains ones are:

  • Employer / Corporate / Staff funds – (funds established by an employer for the benefit of their staff)
  • Personal Funds
  • Industry Funds
  • Self-managed super funds
If you would like more information about the different types of super funds, speak to one of our Matrium Financial Advisers.
 
How does Super work?

To understand how super works, it’s important to keep in mind that super is a framework for holding investment assets. It’s not an investment in itself. Super funds can offer a range of investment options and asset classes that may include cash, property, shares and fixed interest.

What is Superannuation?

Superannuation, or super as most of us know it, is a good long-term savings plan, which will provide you with an income when you retire. For many Australians, super will be their main form of retirement income.

What tax rate does my superfund pay when I contribute deductible super contributions?

In last year's Budget, the government announced that, with effect from 1 July 2012, the rate of tax that applies to the concessional contributions for people with income above $300,000 would be increased from 15 percent to 30 percent.

If your income is less than $300,000 or less, the tax rate is only 15%.

What are reportable employer superannuation contributions?

Reportable employer superannuation contributions are contributions made by an employer under a salary sacrifice arrangement or contributions for an employee above the minimum amount required by law.

A reportable employer superannuation contribution for an individual for an income year is an amount contributed:

  1. by an employer of the individual, or an associate of the employer, for the individual to a superannuation fund or RSA
  2. to the extent that the individual has the capacity, or might reasonably be expected to have capacity to influence:
    1. the size of the amount, and/or
    2. the way the amount is contributed so that their assessable income is reduced
What is the timing for contributing superannuation for deductibility purposes?

The time an employer contribution is made is important because the employer can only deduct a contribution "for the income year in which you made the contribution".

The timing of a contribution is not only significant for an employer's deduction entitlement, but may also affect:

  • When an employer's superannuation guarantee contribution is made
  • A member's entitlement to a tax deduction for a year
  • A member's liability to excess contributions tax
  • Eligibility for a government co-contribution in year, and
  • The inclusion of the contribution in a fund's assessable income for the year

 

The ATO view on when a contribution is made is that a superannuation contribution is made when the capital of the fund is increased. This may be when an amount is received, when ownership of an asset is obtained or when the fund otherwise obtains the benefit of an amount. In the ordinary case:

  • A contribution in cash is made when received by the fund
  • A contribution by EFT or internet banking is made when the amount is credited to the fund's bank account – this may occur sometime after the contributor has done what is necessary to effect the payment, and
  • A contribution by cheque is made when the cheque is received by the fund, unless it is subsequently dishonored
Are any employees excluded from superannuation requirements?

A limited category of employees are excluded and need not be provided for under the Superannuation Guarantee scheme, including:

  • employees aged 70 years or over;
  • employees paid less than $450 a month;
  • non-resident employees paid for work done outside Australia;
  • resident employees employed by non-resident employers for work done outside Australia;
  • part time employees (that is, employed to work not more than 30 hours per week) under 18 years of age; and
  • a person employed for not more than 30 hours per week to carry out work of a domestic or private nature.
How is the required superannuation calculated?

Employer superannuation support under this scheme is measured in terms of a percentage of an employee's notional earnings base/salary and wages. For the current year, the percentage of that base that must be contributed is 9.25%.

The government has announced changes that will gradually increase the superannuation guarantee rate (charge percentage) from 9% to 12% between the 2013-14 and 2019-20 years. We will publish updated guidance if these announced changes become law, given that the coalition have flagged the deferral of these increases by 2 years.

I am thinking of commencing business. In what circumstances do I need to pay employee superannuation under the Superannuation Guarantee Scheme?

The superannuation guarantee scheme is designed to encourage employers to provide a minimum level of superannuation support for employees.

Where an employer provides less than the required level of support, they will be liable to pay a non-deductible charge called the Superannuation Guarantee Charge (SGC).

An "employee" for superannuation guarantee purposes is anyone who is an employee at common law. Generally, the degree of control exercised by the "employer" over the "employee" and the degree to which the "employee's" services are an integral part of the "employer's" business will be significant whether an employer-employee relationship exists.

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