Superannuation is a trust fund – just for you.
Most people would love to be in a position to have money, maybe be born into a wealthy family with a large family trust that doles out money to members at low tax rates, just like in a TV show about millionaires.
Superannuation, is a government approved version of the same thing. It’s a trust fund in your name, taxed at low rates and ultimately when you retire will pay out at low or zero tax dollars. The only catch is that you have to wait for retirement for those benefits.
Additionally, any centrelink benefits in old age are more attractive if most of your funds are inside the trust known as Superannuation.
The fact that many people think Superannuation is a waste of time is a reflection of a lack of understanding as to what it can really do for you and how you can miximise its growth in your younger years and the benefits in your older years.
There are other Trusts that can be developed for the individual, such as famility trusts etc, but moving funds into a familiy trust requires a suplus already in existance and usually has had full tax already paid on it, in most cases.
Superannuation, allows you to transfer funds into it and claim a tax deduction.
Its the everyman’s tax lurk, even if you are not rich. In fact you could become reasonably wealthy through good managment of your Super, which does not automatically mean you need a Self Managed Super Fund, just an active interest and a suitable fund with reasonable options.
That is just part of what I can do for you. Not to mention the various other add ons of additional advice and strategies that assist with your overall position over time.