In Australia, Superannuation is an investment vehicle designed to provide benefits for your retirement. Superannuation is compulsory through employer contributions which is required under the Superannuation Guarantee legislation.
Whilst Superannuation is a very complex area, there are several major characteristics that separate it from other investment vehicles:
- Compulsory Contributions - currently 9.25% of your salary must be paid by your employer.
- Preservation - Whilst complicated legislation determines when you can access your Superannuation, it is typically something that cannot be fully accessed until your retirement at age 65 (age 55 for some people).
- Taxation Advantages - Whilst the tax implications are complex, it is often recognised that Superannuation provides some tax benefits. The concessional tax treatment on income earned by a Superannuation fund is 15%, while Capital Gains Tax can be as low as 10%.
- It's Your Investment - you can have more control over your Superannuation than in most other countries. Whilst there are some restrictions on what type of investments you can make, there is a broad range of investment options and styles that you can implement to suit your needs and objectives.
- Lump Sum - Superannuation benefits may be taken at retirement or upon meeting another condition of release, as a pension, as a lump sum, or as a combination of both pension and lump sum.
- Undeducted Contributions - these are additional contributions into Superannuation that are not taxed upon withdrawal.
- Superannuation upon Death - the Australian Superannuation system allows you to pass your entitlements onto your beneficiaries.
- Choice of Fund - From 1 July 2005, employers are required to offer the employees a choice of Superannuation fund.
AustAsia Financial Planning can provide assistance with Superannuation funds of all sizes. We currently provide advice on:
- Personal Superannuation
- Corporate (Employer) Superannuation Plans
- Self Managed Super Funds
AustAsia Financial Planning
AustAsia Financial planning holds an Australian Financial Services License (No. 229 454) issued by the Australian Securities and Investments Commission ("ASIC"). The Company is licensed to provide investment advice on all securities including Managed Investment Schemes, Property Investments, Managed Funds, Cash Management Accounts, Fixed Interest Investments, Tax Effective Investments and Overall Portfoilo Management. AustAsia Finanical Planning provides services including:
- Financial Planning
- Investment Advice
- Investment Reviews
- Investment Structuring
- Wealth Creation Strategies
- Tax Management Strategies
- Superannuation Rollovers
- Superannuation Investment Advice
- Self Managed Super Funds
- UK Pension Transfers
- Retirement and Estate Planning
- Life Insurance and Personal Insurances
Quality and Experience
AustAsia Finanical Planning is a Principal Member of the Financial Planning Association of Australia ("FPA"). The FPA is the peak body for specialist, professional financial planners in Australia.
AustAsia Financial Planning abides by the FPA's Code of Ethics, which encompasses the following criteria:
The Company's Authorised Representatives are experienced and well qualified in the finance, investment, and accounting industries.
UK Pensions and Migration Issues
Moving to Australia or deciding to work overseas, is a major decision which obviously requires a lot of planning, thought and consideration. In addition to emotional decisions, there are several significant financial decisions that require consideration.
Whilst most of us think of the most prominent financial decisions such as buying a house, buying a car, and transferring savings accounts, not everyone considers other major financial issues such as taxation implications, pensions/ superannuation, holding overseas assets, receiving income from overseas sources, and other significant issues.
AustAsia Financial Planning and AustAsia Accounting Services have the qualifications, skills and considerable experience with the financial aspects of migration, including a variety of investment, financial planning, and taxation issues on international pensions, investments, and income.
AustAsia has considerable experience with assisting:
- People moving to Australia
- Australian's working overseas
AustAsia works with each client through a number of key financial issues that you should consider when migrating to or from Australia.
As with many things in life, migrating to or from Australia requires preparation to ensure that your pensions, investments and financial needs are catered for.