Superannuation Redcliffe

Total Business Partners assists Redcliffe residents and businesses with all of their Superannuation needs and obligations. We are committed to providing you with high-quality support and assistance, giving you the confidence and security to manage your retirement wealth and achieve your financial goals. We collaborate with our clients to ensure that their self-managed Superannuation Funds are always compliant with the most recent legislation.

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

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What is Superannuation?

Superannuation, also referred to as ‘super,’ is money saved and invested for retirement. This money is only available when you retire or turn 65. Your superannuation fund invests your money on your behalf to ensure that your retirement savings grow faster than inflation, preventing your money from losing real value.

Superannuation is required so that you can continue to live on your own funds after you retire. The more money you save for retirement, the better. There are also tax breaks for increasing your super contributions, and you can ask your employer to increase the contribution percentage.

Increased superannuation can also be included in salary packages. Businesses must understand the tax implications and obligations associated with 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

How much does superannuation cost in Australia?

Superannuation in Australia is currently set at 10% of an employee’s ordinary time earnings. Employers must contribute the bare minimum to their employees’ superannuation, which will gradually increase to 12% by 2025. The ATO website has more information on how much super to pay.

The super guarantee (SG) is what this is called, and businesses are required to pay it at least quarterly.

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

Is superannuation mandatory in Australia?

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

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

Why choose Total Business Partners?

Whether you are an employee or an employer, Total Business Partners has your best interests in mind. We stay up to date on the latest laws and standards to assist you in lowering your tax obligations and gaining more financial freedom.

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

Superannuation FAQs

Do I need superannuation?

Superannuation is required for all employed people who work and live in Australia. The Australian government implemented superannuation 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.

In Australia, when can I withdraw my super?

You will be able to withdraw your superannuation only 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 ways to withdraw your super earlier, but you will have to pay additional 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?

Most people are unsure when to retire due to the size of their Superannuation. It all depends on your personal situation, assets, marital status, debts, living expenses, and other factors.

It can be a difficult calculation to perform, especially given the volatility of the market. Nonetheless, markets have proven to grow over time, so you can continue to withdraw money from your super while earning interest on the remainder even after you retire. Contact Total Business Partners today to find out how you can retire sooner and make the most of your superannuation.

Sunshine Coast Superannuation location

North Lakes Superannuation location

Take a look at some of the additional services we offer in Redcliffe 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 professional services are provided throughout Redcliffe and the wider Brisbane region including North Lakes, as well as across the Sunshine Coast.

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