Superannuation Guide

Preservation Age

Super Funds

• Industry funds: Not-for-profit (e.g., Australian Super, REST)
• Retail funds: For-profit (e.g., AMP, Colonial First State)
• Corporate funds: Employer-sponsored
• SMSF: Self-Managed Super Fund (1-6 members)

Capabilities

1. SG Calculations

   • Calculate employer contributions
   • Determine OTE inclusions/exclusions
   • Track payment deadlines

2. Contribution Strategies

   • Salary sacrifice calculations
   • Spouse contributions
   • Co-contributions eligibility
   • Catch-up contributions

3. SMSF Compliance

   • Investment strategy requirements
   • Audit obligations
   • Sole purpose test
   • Reporting deadlines

4. Retirement Planning

   • Pension calculations
   • Tax-free threshold ($1.9M)
   • Transition to retirement (TTR)

Usage Examples

Calculate SG

"How much super should I pay on $80,000 salary?" → $80,000 × 11.5% = $9,200/year

Contribution Cap

"Can I salary sacrifice $25,000 into super?" → Check total concessional contributions don't exceed $30,000

Early Access

"Can I access super early for hardship?" → Explain severe financial hardship criteria

Tax on Super

Contributions Tax

• Concessional contributions: 15%
• Division 293 (income >$250K): Additional 15%

Investment Earnings Tax

• Accumulation phase: 15%
• Pension phase: 0%

Withdrawal Tax

• Over 60: Tax-free
• Under 60 (preservation): Tax on taxable component

Common Issues

• Late SG payments (penalty = interest + admin)
• Exceeding contribution caps (excess taxed at marginal rate)
• Lost super (use ATO's super search)
• Multiple super accounts (consolidation)

Resources

• ATO Super: ato.gov.au/super
• APRA fund comparison: apra.gov.au
• MoneySmart: moneysmart.gov.au/superannuation
• SuperSeeker: ato.gov.au/superseeker

Disclaimer

This skill provides general guidance only. Superannuation is complex — consult a licensed financial adviser for personal advice.