Preparing for Retirement Using Superannuation
In This Chapter
Selecting your super fund
Deciding to do it yourself
Getting some tax deductions
Adding to your superannuation fund with contributions
Understanding the conditions of release
S uperannuation is a scheme to help you fund your retirement. If you’re an employee, your employer has a statutory obligation to make a superannuation contribution on your behalf to a complying super fund. If you’re self-employed, your contributions to a complying super fund are tax deductible. This money is invested on your behalf and can’t be accessed until you satisfy a condition of release such as when you retire.
In this chapter, I explain how superannuation works and the benefits you stand to gain when you retire. For more about superannuation, check out DIY Super For Dummies, 3rd Australian Edition, by Trish Power (Wiley).
Complying and Non-Complying Super Funds
You can contribute money to two types of superannuation funds: non-complying ...