Useful facts about maximising your superannuation guarantee and securing your future.
At Approved Financial Planners, we are experts at helping you maximise your super funds to help ensure a comfortable retirement. Consequently, we always recommend seeing a professional financial planner such as those in our Perth office to look at your individual situation and make recommendations.
However, we can give you some general advice and information to help you prepare for your first visit. Here are some useful facts about your superannuation guarantee and how they relate to the typical Australian. All of this information is available on the ATO website, though in a slightly more complicated form.
As of 1 July 2014, your employer must contribute 9.50% of your income to your superannuation fund. This number will increase by 0.5% each year until 2019, when it will have reached 12%.
To be eligible for superannuation guarantee, you must make at least $450 per month. If you are less than 18 years of age or work in a domestic capacity, you must work 30 hours per month, in addition to making $450, to be eligible. As of July, 2013, those who are 70 years of age and over are now eligible for the superannuation guarantee.