Author: Recruitment Super
-
Superannuation Annual Review Day
Superannuation contributions and entitlements are reviewed and adjusted throughout the year based on various factors. However, it’s important to understand how your super is performing and take proactive steps to maximize your retirement savings. Here’s a breakdown of key aspects related to super contributions and entitlements: Understanding Super Contributions: Factors Affecting Your Contribution Rate: Reviewing…
-
Additional Employer Contribution (AEC)
The Additional Employer Contribution (AEC) is a benefit for some employees in Australia that boosts their superannuation (retirement savings). It’s essentially an extra contribution your employer makes on top of the compulsory Superannuation Guarantee (SG) contribution. Here’s a breakdown of AECs; What it is: Who gets it: History of AECs: Benefits of AECs: How to…
-
Accumulation Accounts
An Accumulation Account is a cornerstone of many retirement plans, particularly in Australia. It’s a type of superannuation account where your retirement savings grow over time. Let’s delve into how Accumulation Accounts work and how they can benefit you. The Core Principle: Contributions and Investment Growth Think of your Accumulation Account as a pot where…
-
Australian Prudential Regulation Authority (APRA)
The Australian Prudential Regulation Authority (APRA) is an independent statutory authority that oversees the financial institutions in Australia to ensure their stability, efficiency, and competitiveness. APRA plays a crucial role in maintaining the integrity of the financial system and protecting the interests of depositors, policyholders, and superannuation fund members. In this article, we will delve…
-
What happens to an employee’s superannuation when they leave my employment?
When an employee moves on from your business, it’s natural to wonder what happens to their superannuation. Here’s a breakdown of what you need to know: Employer Obligations Cease Once an employee departs, you are no longer obligated to make superannuation contributions on their behalf. These contributions go towards their retirement savings, and since they’re…
-
What are the implications of salary sacrifice arrangements for superannuation contributions?
Salary sacrifice arrangements can be a powerful tool for Australians looking to grow their retirement savings. But how exactly do they impact your superannuation contributions? Let’s dive into the benefits and considerations of this strategy. The Tax Advantage The key benefit of salary sacrifice is the tax break it offers. By agreeing to receive a…
-
What are the administrative tasks involved in managing superannuation for my employees?
Let’s delve into the administrative tasks involved in managing employee superannuation: 1. Choosing a Super Fund: 2. Setting Up Super for New Employees: 3. Ongoing Superannuation Payments: 4. Record Keeping: 5. Employee Communication: 6. Terminations and Changes: Simplifying Superannuation Management: While managing super can seem complex, there are ways to streamline the process: By understanding…
-
How do I choose a default superannuation fund for my employees?
As an employer in Australia, you’re responsible for choosing a default superannuation fund for your employees if they don’t nominate their own. This decision plays a significant role in their retirement savings, so it’s important to get it right. Here’s a guide to help you navigate the process: Understanding the Options: Choosing Your Default Fund:…
-
What are my obligations regarding superannuation contributions for my employees?
In Australia, as an employer, you’re responsible for contributing to your employees’ retirement savings through superannuation. This contribution is mandated by the Super Guarantee (SG) and is a crucial part of an employee’s financial security after retirement. Let’s delve into what you need to know about your SG obligations. Who is Eligible for Superannuation Contributions?…
-
How does my super choice impact my taxes?
For many Australians, superannuation (super) is a bit of a mystery. While we all know it’s important for retirement, the finer details can be confusing. One such detail is how your super choice can impact your taxes. Let’s break it down. The Basics Generally, your super choice doesn’t directly affect the amount of tax you…