Superannuation
Superannuation is misunderstood by many, and we are constantly delivering information and seminars on this topic to educate our network and clients.
Here are the basic facts in relation to superannuation you need to know (as of 17 April 2011):
- Superannuation is not an investment
- It is a tax favoured structure for retirement savings
- You can invest in property, shares, managed funds, and a few other areas
- Contributions to superannuation are capped, be aware of this or pay penalty tax
- Contributions to superannuation can be a tax deduction, or not, we work with our clients to minimise tax at this level each and every year.
- When you retire earnings could be tax free, capital gains could be tax free, and your withdrawal benefit/pension could be tax free as well.
- There is an opportunity to borrow in superannuation (not available prior to December 2007)
Specific opportunities that exist that you might not have been aware of are:
- Purchase of a business premises (click to find out more in our article)
- Purchase of another investment property (click to find out more in our article)
- take control of your own super fund to control your super and investments (click to find out more in our article)
Superannuation is a great opportunity for everyone and we would be happy to talk to you more about it – call us on 1300 219 818 or email us your question info@morrisaccounting.com