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HOME SUPERANNUATION SIMPLER SUPER SUPER CHOICE CONTRIBUTION TAX SUPER SPLITTING CO-CONTRIBUTION HOW MUCH SUPER TRANSITION INTERNATIONAL CONTACT |
Superannuation Choice From the 1st of July 2005, almost 5 million Australians have the same basic consumer right as the Western Australians had for years, by being able to consolidate their superannuation monies and choose where and how their money is going to be invested. The exception to the new legislation relates to the public servants and people not covered by the state industrial award. As a consequence of the new legislation, the employers' superannuation contributions will therefore be paid into a fund nominated by the employees. The choice of funds also includes a complying Self Managed Superannuation Fund. The government is running various educational campaigns to ensure that Australians have plenty of information to make an informed decision about the available options. One of the initiatives is a special web site fully dedicated to the choice of superannuation funds. The Choice of Fund website is accessible via www.superchoice.gov.au, and is the main website through which the ATO and other Government bodies, such as ASIC and The Treasury, communicate to individuals, employers and the industry about the choice of superannuation funds. The initiative also provides a new Super Choice Info Line: 13 28 64. The recent industry push for the full disclosure of fund managers' fees and charges, aims to educate the investors, by enabling them to see the fund’s investment performance. The transparency of fees and charges thus facilitates the making of the right decision about investing the retirement nest egg under the new regime, and choosing the appropriate superannuation fund. This brings us to another important issue relating to the Choice: the role of a Self Managed Superannuation Fund (SMSF), and the main question of whether "to SMSF or not". Before embarking on a SMSF journey, potential trustees need to make sure that they not only understand all pros and contras of managing a DIY super fund, but also, they need to read on the subject continuously, and be well informed with the ongoing legislative and compliance issues. Seeking the professional advice from an AFSL* holder before making any financial decision is the recommended and most prudent approach. * AFSL (Australian Financial Services Licence) a license issued by ASIC under the FSRA that permits the issuing of a financial product or giving of financial product advice. |
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SuperEasy Pty Ltd is not licensed to provide advice on investments, or legalities of the types of investments that you can have. SuperEasy® strongly recommends that you seek professional advice before making any investment choice or decision! |
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