Author: Recruitment Super

Australian family law treats super as a financial asset during divorce or separation. This means it’s subject to division between partners, similar to a house or car. There are three main ways this division can occur: Mechanics of Splitting Super Splitting super doesn’t involve converting it to cash. The funds remain in your respective super…

Accessing super for medical bills falls under the umbrella of “compassionate grounds.” The Australian Taxation Office (ATO) administers this program, allowing early release for specific, critical situations. In the case of medical expenses, the ATO considers: Eligibility Criteria: Meeting the Hurdles Not everyone qualifies for early access under compassionate grounds. Here are the key hurdles…

Before diving in, it’s crucial to understand who qualifies. The primary option, the First Home Super Saver Scheme (FHSS), is strictly for first-time home buyers. This means you cannot have previously owned a property in Australia or owned a property that you lived in at any time. FHSS: Boosting Your Deposit The FHSS allows you…

Buying your first home is a significant milestone, but saving for a deposit can feel like an uphill battle. The Australian government introduced the First Home Super Saver Scheme (FHSSS) to help first-time buyers bridge this gap. This scheme allows you to utilize your superannuation for saving towards a deposit, offering tax benefits and a…

Unlike employees, self-employed individuals, including sole traders and partners, are not mandated to contribute to their super under the Superannuation Guarantee (SG). This translates to greater control over how much and when you contribute. However, this flexibility comes with the onus of ensuring sufficient savings for retirement. Voluntary Super Contributions: Building Your Savings The beauty…

For Australians moving abroad, navigating superannuation (super) can be confusing. One common question is: can you transfer your super to an overseas fund? The answer, in most cases, is no. Here’s a breakdown of the rules and some important considerations for managing your super while you’re an expat. Australian Super Stays in Australia Australian law…

Superannuation funds play a crucial role in securing your financial future. However, disagreements or issues can arise. If you’re unhappy with your super fund’s service or actions, here’s a comprehensive guide on making a complaint effectively. Understanding the Process The Australian financial system prioritizes fair complaint resolution. Your super fund, by law, must have an…

The first step in any financial advisor-client relationship is understanding your individual needs and goals. A good advisor will ask you questions about your: By understanding these factors, the advisor can tailor a superannuation strategy that aligns with your unique circumstances. Choosing the Right Super Fund Australia boasts a diverse superannuation landscape with numerous industry,…

Australia boasts a two-pronged approach to retirement income security: superannuation (super) – a compulsory savings scheme – and the Age Pension, a means-tested social security benefit administered by Centrelink. While these systems work in tandem, understanding how your super affects your Age Pension entitlement is crucial for retirement planning. The Age Pension and the Income…

The retirement savings gap is a global phenomenon, with estimates suggesting a shortfall in the trillions of dollars. Factors like increasing life expectancy, rising healthcare costs, and a shift away from traditional defined-benefit pension plans contribute to this issue. In the United States, for example, research by the Employee Benefit Research Institute indicates a median…