Superannuation Brisbane

Total Business Partners is dedicated to assisting individuals and businesses in Brisbane with their Superannuation needs and responsibilities. We are committed to delivering high-quality support and assistance to our clients, providing you with the confidence and security to manage your retirement wealth and achieve your financial goals. Our team ensures that your Self-managed Superannuation Funds comply with the latest legislation.

Please visit our pages for superannuation in Sunshine Coast, North Lakes and Redcliffe.

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Understanding Superannuation

Superannuation, also referred to as ‘super,’ is money earned and invested for retirement purposes. This money becomes accessible only upon retirement or reaching the age of 65. Superannuation funds invest your money to ensure that your retirement savings grow faster than inflation, preserving the real value of your money.

Superannuation is necessary to ensure financial independence during retirement. The more you save, the more funds you will have available. There are also tax benefits associated with contributing more to your super, and you can request that your employer increase the contribution percentage.

Businesses can also include increased superannuation in their salary packages. However, businesses need to be aware of the tax implications and obligations related to superannuation.

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Learn More about Superannuation

Our Superannuation Services Include:

  • Set-up of the fund
  • Pension Funds
  • Actuarial Certification
  • Financial Account and Taxation Return Preparation and Lodgement
  • Special Assistance and Advice
  • Tax Planning
  • Superannuation Audits performed by independent provider
  • Self-managed Super Fund (SMSF) assistance

The cost of superannuation in Australia

Currently, superannuation in Australia is set at 10% of an employee’s ordinary time earnings. This is the minimum amount that employers are obligated to contribute to their employees’ superannuation and will gradually increase to 12% by 2025. The ATO website provides more information on the ATO website about how much super to pay.

This contribution is known as the super guarantee (SG), and businesses are required to make this payment at least quarterly.

If a company fails to make the required SG payment by the quarterly deadline, they must pay the super guarantee charge (SGC) and submit an SGC statement to the ATO.

Is superannuation mandatory in Australia?

Yes, Superannuation contributions became mandatory in Australia in 1992, as mandated by the Federal Government. The objective was to ensure that every employed Australian saves for their retirement. This decision aimed to address the aging population in Australia while also reducing taxpayer costs.

Employers are obligated to contribute the super guarantee, currently set at 10% of ordinary time earnings, to their employees’ superannuation funds. This money is invested in the individual’s retirement and can only be withdrawn tax-free once the person has retired and reached the preservation age (currently 60) or 65 if they choose to continue working. Additionally, there are tax incentives for individuals to contribute more to their superannuation, such as reduced taxation rates based on their marginal tax rate.

Why choose Total Business Partners?

Total Business Partners prioritises your best interests, whether you are an employee or an employer. We stay up to date with the latest laws and standards to help you minimise your tax obligations and gain greater financial freedom.

So, for all your tax, accounting, and financial needs, contact Total Business Partners. We take the time to listen and understand your requirements, ensuring that we deliver the best possible outcomes.

Choosing the right professional superannuation service in Brisbane.

Superannuation is a crucial aspect of financial planning, and selecting the appropriate professional to manage your superannuation is vital. Whether you are an individual or a business, you need a professional who comprehends your unique financial situation and can provide personalised advice to meet your needs.

When searching for a professional superannuation service in Brisbane, consider factors such as expertise, qualifications, experience, communication, and costs. With numerous options available, finding the ideal fit for your specific requirements can be challenging. Read on to discover what to consider when selecting a professional superannuation service and make an informed decision.

Expertise: Look for a service provider with extensive knowledge and experience in the superannuation industry, capable of providing tailored advice to help you achieve your financial goals.

Qualifications: Choose a service provider with relevant qualifications, such as Certified Financial Planner (CFP), SMSF Specialist Advisor, or Chartered Accountant (CA), who can provide high-quality advice and ensure compliance with regulations.

Experience: Select a service provider with a proven track record of success in the superannuation industry, with experience working with clients in various sectors and industries.

Communication: Find a provider who always communicates complex financial concepts in plain language, and who values clear and transparent communication throughout the process.

Costs: Look for a provider who is transparent about their fees and offers value for money in terms of the quality of their advice and overall service.

Retirement planning and superannuation for Brisbane residents.

Retirement planning is a crucial part of an individual’s financial journey, and it is never too early to start thinking about it. At Total Business Partners, we recognise that superannuation plays a key role in any successful retirement plan.

Our team of expert accountants can provide guidance on how superannuation fits into your overall retirement strategy, as well as the various options available to you. We can help you understand transition-to-retirement strategies and how to maximise your superannuation to fund your retirement.

With our assistance, you can feel confident about your retirement planning and enjoy the peace of mind that comes with knowing you are on the right path.

Optimising your superannuation investments in Brisbane.

Optimising your superannuation investments is a critical step in securing your financial future. At Total Business Partners, we help individuals and businesses in Brisbane make informed decisions when it comes to investing their superannuation funds. Our team of expert accountants can guide you through various investment strategies, including diversification and risk management, and provide information on different investment products, such as managed funds and direct shares.

We understand that each situation is unique, which is why we take the time to comprehend your individual or business needs in order to develop a customised investment plan that suits you best. With our support, you can confidently invest your superannuation and build a solid foundation for a comfortable retirement. Contact us today to learn more about how we can assist you with your superannuation investments.

Selecting the appropriate Superannuation fund for your needs in Brisbane.

Choosing the right superannuation fund is crucial for achieving your long-term financial goals. With numerous options available, it can be overwhelming to determine the best choice based on your individual circumstances. At Total Business Partners, our expert financial planning team can guide you through the process of re-evaluating your super strategy to ensure you make an informed decision.

1. Evaluate Your Financial Situation

Our team will assess your present financial position, including the status of your investment portfolio, insurance coverage, and contributions, in order to gain a comprehensive understanding of your requirements.

2. Choose the Appropriate Fund

We will assist you in comprehending the benefits and drawbacks associated with industry funds, retail funds, and self-managed super funds (SMSFs), aiding you in selecting the most suitable option based on your specific circumstances.

3. Oversee Your Superannuation

Our team will provide continuous support and guidance to ensure that your superannuation strategy remains aligned with your objectives and adjusts to any changes in your financial situation.

Superannuation FAQs

Do I need superannuation?

Superannuation is not mandatory, but it helps fund retirement in Australia. Most people have money in a superannuation fund if they work in Australia. Contributions are taxed at a lower rate, and withdrawals at retirement age (60) are tax-free. Contact Total Business Partners to optimize your superannuation for a better retirement.

When can I withdraw my super?

You can withdraw your super when you reach 65 or the preservation age (currently 60) and retire. Early withdrawals incur extra tax. Visit the ATO website to learn more about withdrawing and using your super.

How long does superannuation last?

The duration of your superannuation depends on factors like personal circumstances, assets, debts, and living expenses. Market growth allows withdrawals after retirement while earning interest. Contact Total Business Partners for strategies to retire earlier and maximize your superannuation.

How do I contact superannuation?

Visit the ATO website for information on managing superannuation. Create an online account to manage your super balance and consolidate accounts. Contact your super fund directly for specific questions. Total Business Partners offer professional superannuation management to save you time and ensure expert handling.

How much can I withdraw from my super at age 60?

At age 60, you can access your super without restrictions. The withdrawal amount depends on factors like account balance, super account type, and retirement goals. Seek professional advice from Total Business Partners for personalized financial guidance.

How much super do I need to retire at 60?

The amount of superannuation needed to retire at 60 varies based on lifestyle, income needs, and retirement length. ASFA suggests around $545,000 for a single person and $640,000 for a couple, assuming homeownership and partial Age Pension. Consult a financial planner for personalized advice.

Can I transfer my super to my bank account?

No, direct transfers to bank accounts are not allowed unless you meet specific eligibility criteria for withdrawal. Withdrawing super early has long-term consequences, such as reduced savings and tax implications. Seek advice from a financial advisor like Total Business Partners for superannuation and retirement planning.

Sunshine Coast Superannuation location

Brisbane Superannuation location

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At Total Business Partners, our motivation comes from seeing our clients succeed. We strive to deliver the highest level of service and are Xero certified accountants with expertise in structural business planning and financial management. Our comprehensive services are offered throughout Brisbane, including North Lakes, as well as across the Sunshine Coast.