Superannuation North Lakes

Total Business Partners assists individuals and businesses in North Lakes with all of their Superannuation needs and obligations. We are committed to providing high-quality support and assistance to our clients, giving you the confidence and security to manage your retirement wealth and achieve your financial objectives. We work with our clients to ensure that their Self-managed Superannuation Funds always follow the most recent legislation.

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

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What is Superannuation?

Superannuation, also known as ‘super,’ is money earned and invested for your retirement. This money is only available when you retire or reach the age of 65. Your superannuation fund invests your money on your behalf in order to grow your retirement savings faster than inflation, ensuring that your money does not lose real value.

Superannuation is necessary so that when you retire, you can continue to live on your own funds. The more you save, the more money you will have for retirement. There are also tax breaks for contributing more to your super, and you can request that your employer increases the contribution percentage.

Businesses can also include increased superannuation in their salary packages. When it comes to superannuation, businesses must understand the tax implications and obligations.

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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

What is the cost of superannuation in Australia?

In Australia, superannuation is currently set at 10% of an employee’s ordinary time earnings. That is the bare minimum that employers must contribute to their employees’ superannuation, and it will gradually rise to 12% by 2025. The ATO website has more information on How much super to pay on the ATO website.

This is known as the super guarantee (SG), and businesses are required to pay it at least quarterly.

If a company fails to pay the required SG amount by the quarterly due date, it must pay the super guarantee charge (SGC) and file an SGC statement with the ATO.

Is superannuation required in Australia?

Yes. The Federal Government made Superannuation contributions mandatory in 1992 in order to ensure that every working Australian saved for retirement. The decision was made to address Australia’s ageing population while also lowering taxpayer costs.

Employers are required to pay the super guarantee (currently 10% of ordinary time earnings) to each of their employees’ superannuation funds. The money is invested in that person’s retirement and can only be withdrawn tax-free once the person has retired and reached preservation age (currently 60) or 65 if they want to continue working. Furthermore, there are tax incentives for individuals to contribute more money to superannuation, such as being taxed at a significantly reduced rate (depending on their marginal tax rate).

Why choose Total Business Partners?

Total Business Partners has your best interests in mind, whether you are an employee or an employer. We stay current on the latest laws and standards to help you reduce your tax obligations and gain more financial freedom.

So, contact Total Business Partners for all of your tax, accounting, and financial needs. We will take the time to speak with you and ensure that we understand your needs in order to provide you with the best possible outcome.

Choosing the right professional superannuation service in North Lakes.

Superannuation is a critical aspect of financial planning, and choosing the right professional to manage your superannuation is essential. Whether you’re an individual or a business, you need a professional who understands your unique financial situation and can provide tailored advice to meet your needs. When searching for a professional superannuation service in North Lakes, there are several factors to consider, such as expertise, qualifications, experience, communication, and costs. With so many options available, it can be challenging to find the best fit for your specific needs. Take a look below to discover what to look for in a professional superannuation service to help you make an informed decision.

Expertise: Look for a service provider with extensive knowledge and experience in the superannuation industry, who can provide 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 service provider who can communicate complex financial concepts in plain language, and who values clear and transparent communication throughout the process.

Costs: Consider the costs of the service provider, and look for a provider who is transparent about their fees and offers value for money in terms of the quality of their advice and service.

Retirement planning and superannuation for North Lakes residents.

Retirement planning is a crucial part of any individual’s financial journey, and it’s never too early to start thinking about it. At Total Business Partners, we understand that superannuation is a key component of 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 make the most of your superannuation to fund your retirement.

With our help, you can feel confident in your retirement planning and enjoy the peace of mind that comes with knowing you’re on the right track.

Maximising your superannuation investments in North Lakes.

Maximising superannuation investments is a crucial part of securing your financial future. At Total Business Partners, we specialise in helping individuals and businesses in North Lakes make informed decisions when it comes to investing their superannuation funds. Our team of expert accountants can guide you through various investment strategies, from diversification to risk management, and provide information on different investment products, such as managed funds and direct shares.

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

How to choose the right Superannuation fund for your needs in North Lakes.

Choosing the right superannuation fund is essential for achieving your long-term financial goals. With so many options available, it can be overwhelming to determine the best choice for 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. Assess Your Financial Position

Our team will evaluate your current financial situation, including your investment portfolio, insurances, and contributions, to determine your needs.

2. Select the Right Fund

We’ll help you understand the pros and cons of industry funds, retail funds, and self-managed super funds (SMSFs) and guide you in selecting the best option for your situation.

3. Manage Your Super

Our team will continue to provide ongoing support and guidance to ensure your superannuation strategy remains aligned with your goals and adapts to any changes in your financial circumstances.

Superannuation FAQs

Do I require superannuation?

Technically, superannuation is not required; however, the Australian government implemented it to assist people in funding their retirement. If you work in Australia, you most likely have money in a superannuation fund. Money put into the account is taxed at a lower rate, and when you withdraw it at retirement age (60), you will not be taxed again.

Superannuation in Australia is one of the best pension plans in the world, and it is something that everyone should consider investing in for their retirement. Contact Total Business Partners today to make the most of your superannuation and enjoy more of your retirement.

When can I withdraw my super in Australia?

You will be able to withdraw your super once:

  • you reach the age of 65 even if you have not yet retired
  • you reach the preservation age (currently 60 for most people) and retire.

There are other opportunities to withdraw your super earlier, however, you will pay extra tax on top of the tax paid when the money was contributed.

To learn more about withdrawing and using your super, visit the ATO website.

How long will superannuation last?

Because of the size of their Superannuation, most people are unsure when to retire. It all depends on your personal situation, assets, whether you are single or married, debts, living expenses, and other factors.

It can be a difficult calculation to perform, especially given market volatility. Nonetheless, markets have proven to grow over time, so even after you retire, you can continue to withdraw money from your super while earning interest on the remainder. Contact Total Business Partners today to learn about strategies for retiring earlier and making the most of your superannuation.

How do I contact superannuation?

To contact the Australian superannuation system, you can visit the Australian Taxation Office (ATO) website, where you can find information on superannuation accounts and how to manage them.

You can also create an online account with the ATO to manage your superannuation, including checking your super balance and consolidating multiple accounts. If you have specific questions or concerns about your superannuation, you can contact your super fund directly. The ATO website also provides a list of registered super funds in Australia, along with their contact information.

To save you time, Total Business Partners offer professionally organised and managed superannuation. This way, you can relax in the knowledge that your superannuation is being dealt with by the experts.

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

At age 60, you can access your super without restrictions. However, the amount you can withdraw will depend on several factors such as your account balance, the type of super account you have, and your retirement goals.

Generally, you can withdraw your super in one lump sum or as regular income payments. The amount you can withdraw will also depend on whether you have met the conditions of release. It’s essential to seek professional financial advice before making any decisions about accessing your super, as there may be tax implications and other factors to consider.

Contact Total Business Partners for expert financial advice tailored to your circumstances.

How much super do I need to retire at 60?

The amount of superannuation you need to retire at 60 depends on a range of factors, such as your desired lifestyle, income needs, and the length of your retirement. The Association of Superannuation Funds of Australia (ASFA) recommends that a single person retiring at age 60 needs around $545,000 in super to fund a comfortable retirement, while a couple needs approximately $640,000. This assumes that you own your own home and that you will receive a part Age Pension.

However, the amount you need may vary depending on your individual circumstances, so it is best to seek advice from a financial planner.

Can I transfer my super to my bank account?

No, you cannot transfer your super directly to your bank account unless you are eligible to withdraw your super due to retirement, severe financial hardship or other specific reasons outlined by the Australian Taxation Office.

If you meet these criteria, you can withdraw a portion of your superannuation balance. However, it’s important to note that withdrawing your super early can have long-term financial implications, such as reduced retirement savings and tax consequences.

It’s recommended that you speak with a financial advisor before making any decisions regarding your superannuation. Total Business Partners can provide expert advice on managing your super and retirement planning.

Sunshine Coast Superannuation location

North Lakes Superannuation location

View our selection of additional services that we offer in North Lakes to promote success.

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 exceptional services are offered throughout North Lakes and the wider Brisbane region, plus, the beautiful Sunshine Coast.