Superannuation Summary - Class Wednesday 12-1PM(Namu...

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Class: Wednesday 12-1PM (Namu) Michelle Cai, Cherry Ye, Evan Wong Superannuation Introduction Superannuation is a method of saving for retirement that may be compulsory, for example through the superannuation guarantee; or voluntary, via personal contributions. The superannuation guarantee is the bulk of the system, and contributions from employers must be at least 9% of the employees’ ordinary time earnings within each quarter. Employees have a choice of fund for their employer to direct their super toward: they may choose from industry funds, RSAs or, the increasingly popular choice, self-managed super funds. The superannuation will accumulate here until the preservation age, at which point the benefits may be released to the employee in either a stream of income or a lump sum. Superannuation also offers a taxation benefit over general saving due to the concessional tax rate of 15%. Significance of News Article The superannuation guarantee is projected to increase from 9% in 2012 to 12% by 2019. This measure will significantly increase future retirement incomes for many
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