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Tax for Australians for Dummies, 2014 - 15 Edition by Jimmy B. Prince

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Chapter 18

Preparing for Retirement Using Superannuation

In This Chapter

arrow Selecting your super fund

arrow Deciding to do it yourself

arrow Getting some tax deductions

arrow Adding to your superannuation fund with contributions

arrow 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 ...

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