What is superannuation?
Superannuation in Australia is a vehicle that allows us to save for retirement in a tax effective manner.
Why is superannuation important?
Superannuation is important because it creates an incentive for individuals to accumulate wealth that is intended to support them, or at least assist in supporting them, throughout retirement.
What are the incentives of superannuation?
1. Ability to reduce personal income tax by making deductible contributions to superannuation
2. Ensure all earnings received from assets are taxed at a maximum of 15% (compared to up to 45% plus levies in your individual name)
3. A means of forced savings for your eventual retirement
4. A place to house and invest compulsory employer contributions
5. Ability to draw tax free income in retirement
OUR SUPERANNUATION SERVICES
We can assist you with managing your superannuation fund, including the annual reporting requirements:
- Financial Audit: examining your fund’s financial statements.
- Compliance Audit: assessing your SMSF’s compliance with the superannuation rules.
At Bunnett & Bassal, we can help you manage your superannuation obligations, and provide an end-to-end compliance services for SMSFs of all sizes, including:
- Independent financial and compliance audits
- preparation of the financial accounts and member statements; and
- income tax returns.