Superannuation Sunshine Coast & North Lakes

Total Business Partners helps individuals and businesses with all their Superannuation needs and obligations in Sunshine Coast. 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 work with our clients to always ensure their Self-managed Superannuation Funds act according to the latest legislation.

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

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What is Superannuation?

Superannuation, or ‘super’, is money earned that is invested in your retirement. This money can only be accessed when you retire or turn 65. Your superannuation fund invests your money for you in order to grow your retirement savings at a rate greater than inflation so that your money does not lose its real value.

Superannuation is important so that when you retire, you are still able to live using your own money. The more money you save, the more you will have for your retirement. Additionally, there are tax incentives for contributing more towards your super and you can ask your employer to increase the contribution percentage.

Businesses can also offer increased superannuation as part of a salary package. Businesses will need to understand the tax implications and obligations when they pay their staff 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 is superannuation in Australia?

Superannuation in Australia is currently at 10% of the employee’s ordinary time earnings. That is the minimum that the employer must contribute to their employees’ superannuation and will progressively increase to 12% by 2025. You can read more about How much super to pay on the ATO website.

This is called the super guarantee (SG) and must be paid by businesses at least quarterly.

If a business does not pay the required SG amount by the quarterly due date, they must pay the super guarantee charge (SGC) and lodge an SGC statement to the ATO.

Is superannuation compulsory in Australia?

Yes. In 1992, the Federal Government made Superannuation contributions compulsory to ensure that every working Australian saved for their retirement. The decision was designed to address the aging population in Australia and reduce the cost to taxpayers.

What this means is that employers have to pay the super guarantee (currently 10% of ordinary time earnings) to each of their employee’s superannuation funds. The money is invested into that individual’s retirement and can only be withdrawn without further tax once the person has retired and reached preservation age (currently 60) or once they reach 65 if they want to continue to work. Additionally, there are tax incentives for individuals to contribute more money to superannuation including being taxed at a heavily reduced rate (depending on their marginal tax rate).

Why choose Total Business Partners?

Whether you are an employee or an employer, Total Business Partners have your best interests in mind. We keep up-to-date with the latest laws and standards to ensure that you minimise your tax obligations and enjoy more financial freedom.

So, for all your tax, accounting and financial needs, get in touch with Total Business Partners. We’ll take the time to speak with you, ensuring we understand your needs to get you the best possible outcome.

Superannuation FAQs

Do I need superannuation?

Technically you do not need superannuation, however, the Australian government introduced it to help people fund their retirement. If you work in Australia, chances are, you already have money invested in a superannuation fund. Money put into the account is taxed at a reduced rate and when you go to withdraw the money at retirement age (when you reach 60), you will not be taxed again.

Superannuation in Australia is one of the best, if not the best, pension plans in the world and it is definitely something that every individual should invest in for their retirement. To make the most out of your superannuation so that you can enjoy more of retirement, get in touch with Total Business Partners today.

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?

Most people are unsure about when to retire because of the size of their Superannuation. It all depends on your individual circumstances, assets, whether you are single or a couple, debts, your living expenses and other factors.

It can be a very difficult calculation to work out especially considering the volatility of markets. Nevertheless, markets have proven to grow in the long term so even once you retire, you can continue to withdraw money from your super whilst continuing to make earnings on the leftover amount. Get in touch with Total Business Partners today for strategies to help you retire earlier and make the most out of your superannuation.

Sunshine Coast Superannuation location

North Lakes Superannuation location

Take a look at some of the other services that we provide in Sunshine Coast to facilitate success

At Total Business Partners, we are driven by the success of our clients. We are Xero certified accountants, well-versed in structural business planning and financial management, and always look to provide the best standard of service. With this in mind, we have chosen to offer the following comprehensive services to help Sunshine Coast businesses thrive. We also provide services to the wider Brisbane region, including North Lakes.