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The idea of superannuation (super) is to save money during your working life so that you and your family have money when you stop working and retire. Some people will also get the age pension after retirement. Super funds also offer insurance benefits, which can help protect you and your family if you die or are too sick to work.  

The money comes from contributions made into your super fund by your employer and, ideally, topped up by your own money. Sometimes the government will add to it through co-contributions and the low income super contribution.

Credit Hub Australia encourages you to picture what your retirement will look like, ensuring that you are able to afford the lifestyle you want and deserve. We also ensure that you make the most of the tax efficiencies and compounding returns that may be available to you through Superannuation to maximise your retirement wealth.

“Credit Hub Australia ensures that you have access to the right advice, giving you confidence and peace of mind that your financial future is secure”

Benefits of Superannuation Fund Management

At Credit Hub Australia, we understand that Superannuation Melbourne is designed to help us prepare for retirement as part of a three-pronged approach. For many Australians, a well-conceived super fund can be the difference between comfortable retirement and a constant struggle in the years when it is the most painful. Here are some of the reasons why you should opt for it.

Tax-Effective Savings: It is designed to help you become self-sufficient upon retirement and is set up with a series of tax breaks to encourage contributions.

Tax-Effective Capital Growth: In most cases, the tax rate on money made through investments within a super fund are lower than the same investments outside of the super fund. While profit from an investment outside of the fund could be taxed as high as 46.5%, most super fund revenue is taxed between 10-15% depending upon the investment.

Lower Tax Rate During Retirement: When the super fund has started paying an allocated pension, there is no tax on capital gains or income. If retirement starts before the age of 60, the super fund will be responsible for a tax of 15% of the assessable amount until you reach 60.

Protection from Bankruptcy: If you have to claim bankruptcy, your super benefits are protected up to the Reasonable Benefit Limit (RBL) of your pension. This allows business owners and individuals to protect their assets against being seized by creditors during bankruptcy.

Types of Superannuation Funds

The process involved in refinancing a loan is very much similar to applying for a home loan. Generally, these steps are followed for refinancing a loan:

These funds are established by an employer for the benefit of their staff.

In case f this fund, as the name suggests, you personally join in as an individual through a super provider. There are many available options and a wide range of investment choices and other features.

This type of fund was originally set up for people working in particular industries like builders or health care workers. Many of these funds are now available to the public.

These funds allow you to have up to four members and are generally used by people with larger amounts in super funds or by family groups.

Superannuation Contribution

  • Superannuation under the age of 65 – No restrictions
  • Superannuation between 65 and 69 inclusive
    At the time of contribution, you must have worked for at least 40 hours over a consecutive period of no more than 30 days during the financial year; or contributions are mandated employer contributions.
  • Superannuation between 70 and 74 inclusive
    Only personal Undeducted Contributions can be made provided the individual meets the work test (detailed in ages 65-69); or contributions are mandated employer contributions**.
  • Superannuation age over 75
    Individuals over the age of 75 can’t personally contribute, however, payments under a certified agreement or award can still be made at this time.
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