What is Superannuation?
uperannuation in Australia refers to the arrangements which people make to have funds available for them in retirement. In Australia, superannuation arrangements are government-supported and encouraged, and minimum provisions are compulsory for employees. For example, employers are required to pay a proportion of an employee’s salaries and wages (currently 9.5%) into a superannuation fund, but people are encouraged to put aside additional funds into superannuation. The minimum obligation required by employers is set to increase to 12% gradually stepping annually from 2013 to 2020.
A person can withdraw funds out of a superannuation fund when the person meets one of the conditions of release contained in schedule 1 of the Superannuation Industry (Supervision) Regulations 1994.
Have you got multiple Superannuation Accounts?
How many superannuation statements did you receive this year? Do you find it hard to keep track of your super accounts? You’re not alone. Many people have this problem. Don’t stress, Blue Chip Financial are here to assist you. Consider combining your small accounts into a single fund. The benefits of putting several smaller super fund accounts into one account are:
- Cost savings, by paying only one set of fees
- Reducing the amount of paperwork you receive
- Making it easier to keep track of your super
Let Blue Chip Financial take the hassle out of consolidating your existing super into a simple easier to manage fund that has your money working for you – now and in the future.
What is a Self-Managed Super Funds (SMSF)?
Self-Managed Super Funds allow a client to take more control of their Superannuation. Considering most Australians rely on Superannuation as a means of securing enough funds for their retirement, this factor can add a much wider range of possibilities with how efficiently one can work towards their retirement goals. Only recently have Self-Managed Super Funds become more prevalent in retirement planning strategies due to the effect of the Global Economic Crisis and varying abilities that a Self-Managed Super Fund presents.
Buying an investment property through a Self-Managed Super Fund has become an area of interest to many Australians in recent years. New Superannuation legislation has allowed the introduction of this possibility; however, specific regulations must be abided when taking this approach. Blue Chip Financial advisers who specialise in this area work with our clients to ensure that all legislation requirements are met and fully educate their clients so they are aware of how a Self-Managed Super Fund may work in regards to their respective retirement strategy.
An investment property acquired through a Self-Managed Super Fund has the ability of being exempt from Capital Gains Tax, vastly increases the leverage of a client’s superannuation, provides the ability to acquire an investment property through a means other than standard means of borrowing outside of Superannuation, and also carries the ability to pay for all out of pocket expenses such as rates, loan repayments and other standard investment related expenses.
Blue Chip Financial strongly suggests that you seek our professional specialist advice when looking at this field of investment as there are many underlying requirements that must be met when considering this type of financial strategy.
Planning to Retire?
Retirement planning is like mapping out a long road trip. It’s a journey that requires reaching certain milestones on schedule to ensure you’ll arrive at your destination safely and on time. A wrong turn or detour can throw you off course and ratchet up the stress meter. It is very common for recent retirees look back on the years before leaving the workplace — and they wish they had done more retirement planning before they retired.
Blue chip Financial can assist you with tips, tools and income planning for retirement, developing flexible financial plans that use a combination of income sources allowing for a more comfortable retirement. Retirement income streams are a popular investment choice for retirees and future retirees as a way of producing regular income payments throughout retirement.
It is worthwhile talking to Blue Chip Financial when;
- You would like to establishing a long-term plan to fund or partially fund your retirement
- You have been made redundant
- You have received a lumps sum after many years of service
- You want to know what to do with your Superannuation
- You have received an inheritance
- You want advice about a particular financial product
One of our advisers can review your total financial status and offer advice about what might make your assets work for you in the best way, taking into consideration your income, goals, objectives and attitude towards financial risk. Below are some of the ways Blue Chip Financial can assist you;
- Assess your relevant financial debts and review your net worth
- Discuss and prepare a financial plan based on your personal and financial goals, history and preferences
- Identify areas where you may need help
Review your financial situation periodically and suggest changes in your financial program when needed.