SuperGuide

Nobody expects to become sick. Even fewer of us think declining health will see us leaving employment earlier than we want, but it’s quite common. So, what can you do if you can no longer work due to ill health? If your situation isn’t health-related, our guide on what to consider if you’re forced to retire early covers redundancy, caring responsibilities and other reasons you might leave work sooner than planned.

The Australian Government has proposed reforms to strengthen protections in the self-managed super fund (SMSF) sector, aimed at reducing fraud, poor advice and avoidable losses in retirement savings. These measures are part of a broader consumer protection package for the superannuation and financial services system, set out in a recent Treasury fact sheet.

For many self-managed super fund (SMSF) members, starting a pension is the point at which years of saving are converted into a regular retirement income stream. It can also be the moment when the advantages of running an SMSF are most visible.

Around 80% of new SMSFs are now set up without financial advice. For parts of the advice industry, that figure is a worry. People are taking on legal responsibility for their own retirement savings, and in most cases nobody qualified is checking their work. The data on how these funds actually operate tells a more nuanced story. Of the SMSFs established through administration software provider Class in the last financial year, 98% chose a corporate trustee.

In this webinar super expert Garth McNally answers recent questions from SuperGuide members. Garth has worked in the Australian Superannuation industry for over 20 years with a specific focus on self-managed super funds. He provides ongoing support and training to individuals as well as to professionals working in the superannuation area, including advisers, accountants and lawyers.

When an employee leaves your business, the last payment you make to them can include many components not present in a usual pay period, such as unused annual leave and severance pay. You should be aware of how to calculate the required super contribution on any final payments you make. Then there’s the question of what happens with an employee’s super when they retire, including what advice or assistance you are permitted to provide.

Australians are increasingly asking artificial intelligence (AI) tools about their super and retirement, and new research suggests they are doing it because affordable help from anywhere else is out of reach. Research by RepTrak, commissioned by the Super Members Council, found 35% of Australians have already used AI for super and retirement information and a further 32% would consider it.

If you have savings in a KiwiSaver account, you can voluntarily transfer them to an Australian super fund under the provisions of a Trans-Tasman Retirement Savings Portability scheme that was introduced on 1 July 2013. KiwiSaver is a New Zealand savings scheme designed to fund the retirement of New Zealand citizens and permanent residents. The decision to transfer your KiwiSaver funds is not compulsory, but it is an option.

Choosing a super fund is one of the most important financial decisions you will make during your working life. With the difference between a top fund and a poorly performing one potentially adding tens of thousands of dollars to your retirement nest egg, your choice of fund deserves careful consideration. Whether you are self-employed or an employee receiving compulsory Superannuation Guarantee (SG) payments from your employer, you can generally choose your fund, with some exceptions.

Ever wondered why your super fund is set up like it is? Or who all those companies are that are listed in the back of your annual report? Even if you have a basic understanding of how the super system works, for most Aussies, the details around how their super fund is structured and who’s who in the fund are a bit of a mystery.